Sensex Nifty fall for second day IT banking shares weigh latest updates business news

admin

Sensex Nifty fall for second day IT banking shares weigh latest updates business news


Image Source : PTI (FILE) Sensex and Nifty fall for second day on October 13

Closing market bell: Equity benchmark indices Sensex and Nifty declined for the second straight session today (October 13) following selling in banking, financial and select IT shares amid a weak trend in global markets.

The 30-share  Bombay Stock Exchange (BSE) Sensex dropped by 125.65 points or 0.19 per cent to close at 66,282.74 as 16 of its constituents fell and 14 advanced. The index opened lower and fell further by around 513 points to the day’s low of 65,895.41 in morning deals.

However, a rebound in auto shares helped Sensex trim losses and touch a high of 66,478.90 in the pre-close session before settling lower. The broader Nifty of NSE fell by 42.95 points or 0.22 per cent to close at 19,751.05, with 27 of its components ending in the red and 23 in the green.

“Weak revenue guidance of the IT sector and the current uptick in crude prices weighed on the sentiment. While higher-than-expected US inflation data pulled down the week’s early uptrend, which was positive on a remark of a less hawkish US Fed meeting.

“However, some optimism was visible from domestic factors like a steep decline in domestic inflation and impressive industrial production data, along with bright earnings expectations for Q2,” Vinod Nair, Head of Research at Geojit Financial Services, said.

In the broader market, BSE Midcap declined by 17.11 points or 0.05 per cent to 32,305.62 and SmallCap by 13.67 points or 0.04 per cent to 38,184.83. Key Asian indices declined following losses in the US markets due to a rebound in US bond market yields.

The Hang Seng in Hong Kong dropped 2.2 per cent and the Shanghai Composite index fell 0.6 per cent after weak Chinese trade data. Japan’s Nikkei 225 declined 0.6 per cent. Stock markets in France, Germany and the UK also traded lower.

Rising US 10-year bond yield as well as a fall in Asian markets impacted domestic equities, analysts said. Foreign Institutional Investors (FIIs) were net sellers on Thursday as they sold shares worth Rs 1,862.57 crore, according to data available with BSE.

(With agencies inputs) 

ALSO READ:​ Sensex initiates trade with 60-point gain, Nifty opens at 19,825

ALSO READ: Sensex surges 333 points as Nifty approaches 19,800, signals positive start for markets
Latest Business News



Source link