Sensex tanks above 540 points in early trade on weak global signals

Kotak Mahindra Bank, Titan, ICICI Bank, HDFC Bank, HDFC, IndusInd Bank, Bajaj Finance and Axis Bank were the main drags in early trading.

Kotak Mahindra Bank, Titan, ICICI Bank, HDFC Bank, HDFC, IndusInd Bank, Bajaj Finance and Axis Bank were the main drags in early trading.

Equity benchmark Sensex tumbled over 540 points at the open of trading on Thursday, posting losses in banking and financial stocks amid a weak trend in global stock markets.

The 30-part BSE benchmark traded 546.31 points lower at 57,138.51. Similarly, the broader NSE Nifty declined 154.5 points to 17,091.15.

Out of the 30 stock package, the biggest resistances in early trading were Kotak Mahindra Bank, Titan, ICICI Bank, HDFC Bank, HDFC, IndusInd Bank, Bajaj Finance and Axis Bank.

In contrast, Dr. Reddy’s Laboratories, ITC, TCS and Tata Steel among the winners.

“The market now lacks direction and is moving up or down on a daily basis in response to news on crude oil prices, FPI flows and speculation about what the Fed may do at upcoming policy meetings,” said VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services.

In the previous trade, the BSE barometer fell 304.48 points, or 0.53%, to settle at 57,684.82. The Nifty fell 69.85 points, or 0.4%, to end at 17,245.65.

Stock exchanges in Tokyo, Seoul and Shanghai traded lower on deals during the session, while Hong Kong traded marginally higher.

Stock exchanges in the US ended the night session on a negative note.

Meanwhile, international oil benchmark Brent Crude rose to $120.88 a barrel.

Foreign institutional investors (FIIs) were net buyers as they bought £481.33 billion worth of shares, according to stock market data on Wednesday.

Leave a Reply

Your email address will not be published. Required fields are marked *