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Sensex Falls Over 400 Points From Day's High, Nifty Near 11,500: 10 Things To Know

Sensex today, stock market LIVE updates Selling in automobile and financial stocks dragged the markets lower.

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Sensex Falls Over 400 Points From Day's High, Nifty Near 11,500: 10 Things To Know

A selloff in financial, auto and pharma stocks dragged the markets lower

Domestic stock markets gave up early gains on Friday amid weakness in auto stocks, despite advances in Asian peers. The S&P BSE Sensex index fell as much as 441.99 points from its intraday high of 39,058.73 it touched in early trade. The National Stock Exchange (NSE) Nifty benchmark hit 11,503.20 at the weakest point in morning, marking a decline of 137.15 points from its intraday high of 11,640.35. A selloff in financial, auto and pharma stocks dragged the markets lower. On Thursday, the Sensex and Nifty had ended 0.81 per cent and 0.78 per cent lower respectively, snapping a three-day winning streak.
Here are 10 things to know about the movement in stock markets today:
  1. At 10:31 am, the Sensex traded 250.94 points - or 0.65 per cent - lower at 38,646.52, while the Nifty was down 82.20 points - or 0.71 per cent - at 11,514.70.
  2. Top percentage laggards on the 50-scrip Nifty index at the time were Bajaj Finance, GAIL, Mahindra & Mahindra, Sun Pharma, Bajaj Finserv, Tata Motors and Hero MotoCorp, trading between 1.92 per cent and 3.54 per cent lower. 
  3. HDFC, Bajaj Finance and ICICI Bank weighed the most on Sensex.
  4. Some analysts said the passage of Finance Bill in Parliament without major changes hurt the investor sentiment.
  5. "Finance Bill has been passed in Parliament without any significant change. Normally a lot of amendments happen when it goes to debate," AK Prabhakar, head of research at IDBI Capital, told NDTV.
  6. "More downside may be on the cards for markets." He also said the Nifty can touch 11,300 on the downside going forward.
  7. Analysts also awaited more large cap companies to report their earnings for the April-June period. Reliance Industries and IndiGo will report their financial results for the quarter ended June 30 later in the day. HDFC Bank will report its earnings on Saturday.
  8. Market regulator Securities and Exchange Board of India (Sebi) on Thursday proposed to ramp up disclosure for auditors of listed companies. The decision by the regulator came after a number of firms abruptly resigned from audit assignments without citing sufficient reasons, leaving investors in the dark.
  9. Equities in other Asian markets gained and the dollar sagged after a top Federal Reserve official cemented expectations of a US interest rate cut later this month. MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.3 per cent, squaring the previous day's losses. Australian stocks  added 0.4 per cent, South Korea's KOSPI rose 0.8 per cent and Japan's Nikkei advanced 1 per cent.
  10. Foreign institutional investors (FIIs) remained net sellers in the capital markets, pulling out Rs 1,404.86 crore worth of funds on that day, provisional data from the NSE showed.

(With inputs from Reuters)





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