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MUMBAI: Weak global cues weighed on investor sentiment on Dalal Street, mainly the banking crises in the West, and pulled the sensex down by 361 points to 57,629. Although the index had lost nearly 900 points in early trades. Reliance Industries, Infosys and HDFC Bank accounted for most of the index’s loss. Buying in FMCG majors HUL and ITC helped the index limit its loss. With the Swiss banking giant UBS’s plans to buy out its rival Credit Suisse still a workinprogress, the sensex opened lower and strong selling pushed it to almost break below the 57k mark in midsession. However, after the European markets opened and some buying emerged, the index closed with a respectable 0.6% loss.
Selling was more severe outside of the large caps with BSE’s midcap index closing 1.1% lower, while the smallcap index was down 1%. Among the sectoral indices, BSE’s financial services index lost 0.8% while the banking index was down 0.5%.
On the NSE, the Nifty lost 111 points to 16,988 points.
According to Mehta Equities senior VP (research) Prashanth Tapse, the slide in the leading indices was due to persistent fears over the global banking crisis. “(The) negative takeaway was that the (Nifty) ended below the psychological 17,000 mark. However, markets trimmed some of its losses on two big positive catalysts — US Fed’s likely dovish stance, and WTI oil being sluggish at $68 a barrel.”
The overall market weakness also pulled down most of the Adani Group stocks with the group flagship Adani Enterprises closing 3.8% down, while Adani Total Gas closed at the 5% lower circuit and Adani Power lost 4.8%.
Selling was more severe outside of the large caps with BSE’s midcap index closing 1.1% lower, while the smallcap index was down 1%. Among the sectoral indices, BSE’s financial services index lost 0.8% while the banking index was down 0.5%.
On the NSE, the Nifty lost 111 points to 16,988 points.
According to Mehta Equities senior VP (research) Prashanth Tapse, the slide in the leading indices was due to persistent fears over the global banking crisis. “(The) negative takeaway was that the (Nifty) ended below the psychological 17,000 mark. However, markets trimmed some of its losses on two big positive catalysts — US Fed’s likely dovish stance, and WTI oil being sluggish at $68 a barrel.”
The overall market weakness also pulled down most of the Adani Group stocks with the group flagship Adani Enterprises closing 3.8% down, while Adani Total Gas closed at the 5% lower circuit and Adani Power lost 4.8%.
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