Key benchmark indices dropped sharply, in tandem with global stocks, amid increasing concerns regarding US President Donald Trump's economic growth agenda. The barometer index, the S&P BSE Sensex, lost 317.77 points or 1.08% at 29,167.68, as per the provisional closing data. The Nifty 50 index was down 91.05 points or 1% at 9,030.45, as per the provisional closing data. Today's slide was led by index heavyweights HDFC, ICICI Bank and ITC. The Sensex and the Nifty, both, hit their lowest level in almost two weeks in late trade. Weak global cues played the spoilsport for domestic stocks.
Earlier, the two key equity benchmarks had extended losses and hit fresh intraday low in morning trade after witnessing a gap-down opening on negative Asian stocks. Indices trimmed intraday losses in afternoon trade. Market resumed slide in mid-afternoon trade and extended it to hit fresh intraday low in late trade.
The Sensex fell 144.04 points or 0.49% at the day's high of 29,341.41 at the onset of the session. The index lost 347.97 points or 1.18% at the day's low of 29,137.48 in late trade, its lowest level since 10 March 2017. The Nifty fell 48.60 points or 0.53% at the day's high of 9,072.90 at the onset of the session. The index lost 102.20 points or 1.12% at the day's low of 9,019.30 in late trade, its lowest level since 10 March 2017.
The BSE Mid-Cap index was provisionally down 0.95%. The fall in this index was higher than Sensex's decline in percentage terms. The BSE Small-Cap index was provisionally down 0.9%. The fall in this index was lower than the Sensex's decline in percentage terms.
The breadth, indicating overall health of the market was weak. On BSE, 1,826 shares declined and 982 shares rose. A total of 198 shares were unchanged.
The total turnover on BSE amounted to Rs 8003.81 crore, higher than the turnover of Rs 5206.02 crore registered during the previous trading session.
Also Read
Index heavyweight and cigarette major ITC lost 2.89% to Rs 279.35. The stock hit a high of Rs 287.80 and low of Rs 278.85 in intraday trade.
Index heavyweight and housing finance major HDFC fell 1.41% to Rs 1,437.50. The stock hit high of Rs 1,454.95 and low of Rs 1,435 in intraday trade.
FMCG stocks saw mixed trend. Godrej Consumer Products (down 1.38%), Marico (down 2.55%), Nestle India (down 0.16%), Tata Global Beverages (down 1.99%), Colgate-Palmolive (India) (down 0.15%), Jyothy Laboratories (down 0.41%) and Bajaj Corp (down 0.59%) fell.
Dabur India (up 0.92%), Britannia Industries (up 0.71%), GlaxoSmithkline Consumer Healthcare (up 0.52%), Procter & Gamble Hygiene and Health Care (up 0.16%) rose.
Hindustan Unilever (HUL) rose 0.24%. HUL announced that it has commenced the commercial production in its new manufacturing unit at Assam on 15 March 2017. The announcement was made after market hours yesterday, 21 March 2017. The company had earlier informed about setting up new manufacturing unit in Assam to augment the production capacity of personal care products of the company.
Overseas, European markets were trading lower amid increasing concerns regarding US President Donald Trump's economic growth agenda. Asian stocks edged lower as investors re-evaluated their optimism around the 'Trump trade.' In Japan, exports rose at the sharpest rate in two years in February as demand from China and other parts of Asia jumped, underpinning a modest but continuing recovery in the world's third-largest economy. Merchandise exports grew 11.3% in value terms from a year earlier to 6.347 trillion yen, after increasing 1.3% in January, according to data released yesterday, 21 March 2017 by the Ministry of Finance.
US stocks sank yesterday, 21 March 2017 as the Dow Jones Industrial Average and Nasdaq Composite index logged their worst daily drops since September, while the S&P 500 also tumbled the most in a single session in five months on concerns about US president Donald Trump's ability to push through major reforms.
Shares have been broadly stronger globally since the US presidential elections, buoyed by Donald Trump's talk of reforming the tax system and investing in infrastructure. However, a series of recent roadblocks ahead of the coming vote to dismantle the Affordable Care Act is seeing the market question Trump's ability to deliver on his policy promises, and triggered a pullback.
Powered by Capital Market - Live News
Disclaimer: No Business Standard Journalist was involved in creation of this content