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Markets resume downward spiral as bulls lose nerve; Nifty cracks below 11,200

Benchmark indices resumed their downward trend Wednesday as investors took money off the table amid global trade jitters and election-related uncertainty.  

PTI PTI
Mumbai Published on: May 15, 2019 17:40 IST
Markets resume downward spiral as bulls lose nerve; Nifty

Markets resume downward spiral as bulls lose nerve; Nifty cracks below 11,200

Benchmark indices resumed their downward trend Wednesday as investors took money off the table amid global trade jitters and election-related uncertainty.
 
After gyrating over 500 points intra-day, the BSE Sensex closed 203.65 points, or 0.55 per cent, lower at 37,114.88.
 
Similarly, the broader NSE Nifty shed 65.05 points, or 0.58 per cent, to settle at 11,157.
 
Markets had snapped their nine-session losing streak Tuesday. However, investors are still skittish about expanding their portfolio and every upmove is being used as an opportunity to book profits, experts said.
 
Yes Bank and Tata Motors were the biggest losers in the Sensex pack, slumping 8 per cent.
 
IndusInd Bank, Coal India, Sun Pharma, PowerGrid, Bharti Airtel, Axis Bank, Tata Steel, HUL, Maruti, L&T, M&M, ICICI Bank, HDFC and RIL too ended in the red, shedding up to 3.66 per cent.
 
On the other hand, Bajaj Finance was the top gainer, spurting 4.11 per cent, followed by ITC, Kotak Bank, Infosys and TCS, ending up to 1.05 per cent higher.
 
"Investors continue to be plagued by doubts surrounding global growth and US-China trade relations. Global market sentiments too remained subdued with European stocks edging lower amid US-China trade escalations.
 
"Brent crude continues to trade above the USD 70 mark. Higher oil prices could impact fiscal deficit and may force the new government to cut back infra spending," said Hemang Jani, Head - Advisory, Sharekhan by BNP Paribas.
 
Sectorally, BSE metal, telecom, utilities, power, auto and banking indices lost up to 2.08 per cent lower. Realty, FMCG and IT logged modest gains.
In the broader markets, the BSE mid-cap and small-cap indices followed the benchmarks, falling up to 0.67 per cent.
 
Sustained foreign fund outflows too weighed on investor sentiment.
 
Foreign institutional investors net sold equities worth Rs 2,011.85 crore on Tuesday, while domestic institutional investors purchased shares to the tune of Rs 2,242.91 crore, provisional data available with stock exchanges showed.
 
On the global front, markets were mixed as softer comments from US President Donald Trump regarding the trade talks with China were offset by weak Chinese retail sales data.
 
Bourses in China, Japan and Korea ended in the green, while European stocks opened on a weak note.
 
Meanwhile, the Indian rupee appreciated by 11 paise to 70.33 against the US dollar intra-day.
 
Global oil benchmark Brent crude was trading 0.66 per cent lower at USD 70.77 per barrel.
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