ADVERTISEMENT
Sensex Drops Over 200 Points As Markets On Track To Break 3-Day Winning Run: 10 Things To Know
28 Aug 2019, 12:47 PM IST 
Weakness in financial and metal stocks hurt the markets, but strength in IT shares limited the downside
- Weakness in financial and metal stocks were seen exerting pressure on the benchmarks while strength in information technology shares provided some support.
- At 12:44 pm, the Sensex traded 204 points or 0.5 per cent lower at 37,437 and the Nifty was down 66 points or 0.6 per cent at 11,039.
- Top percentage laggards on the 50-scrip index at the time were Yes Bank, Vedanta, Indiabulls Housing Finance, JSW Steel and Tata Steel, trading between 2.32 per cent and 5.81 per cent lower.
- Market breadth was negative, with 937 stocks trading higher on the BSE and 1,191 moving lower. On the NSE, 759 stocks advanced while 936 declined.
- HDFC Bank, Reliance Industries and ICICI Bank were the top drags on the Sensex.
- Analysts say investors are seen booking profit after three days of sharp gain in the markets. "Markets have adequately discounted the positive triggers in the last three sessions and now await fresh cues," said Deepak Jasani, senior vice-president at HDFC Securities.
- The government is due to release GDP or gross domestic product data for the quarter ended June 30 on Friday evening. According to a poll by news agency Reuters, the economy was expected to have grown 5.7 per cent in June quarter - its slowest pace in more than five years.
- Equities in other Asian markets eked out cautious gains, with MSCI's broadest index of Asia-Pacific shares outside Japan falling 0.06 per cent, dragged lower by Chinese markets. Japan's Nikkei rose 0.15 per cent.
- A trade dispute between the US and China is now in its second year and is placing increasing strain on the global economy, forcing policy makers to respond with interest rate cuts and stimulus measures to bolster growth.
- The Sensex had climbed 1,168.34 points - or 3.20 per cent - and the Nifty risen 364.00 points - or 3.39 per cent - in the past three trading sessions.
(With inputs from Reuters)
