Mkts Fall For 3rd Day In A Row On US Tariff Fears
Weak Asian markets, foreign fund outflows also hurt investor sentiment in Indian markets
Mkts Fall For 3rd Day In A Row On US Tariff Fears
Mumbai: Benchmark indices Sensex and Nifty declined for the third day on Thursday as fresh tariff threats, weak Asian markets and foreign fund outflows hurt investor sentiment.
The 30-share BSE Sensex dropped 203.22 points or 0.27 per cent to settle at 75,735.96. During the day, it tanked 476.17 points or 0.62 per cent to 75,463.01. The NSE Nifty dipped 19.75 points or 0.09 per cent to 22,913.15. Selling in frontline stocks HDFC Bank, ICICI Bank, ITC and Maruti dragged down the key indices. In the three straight days to Thursday, Sensex dipped 260 points while Nifty skidded 46 points.
Broader markets, however, bucked the trend with midcap and smallcap indices gaining more than 1 per cent. From the Sensex pack, HDFC Bank fell the most by 2.35 per cent. Maruti, Tech Mahindra, HCL Tech, ITC, ICICI Bank, Kotak Mahindra Bank and Bajaj Finance were among the major laggards. NTPC, Adani Ports, Mahindra & Mahindra, Tata Steel and IndusInd Bank were among the gainers. Foreign Institutional Investors (FIIs) offloaded equities worth Rs 1,881.30 crore on Wednesday after a day’s breather, according to exchange data.
Vinod Nair, Head-Research, Geojit Financial Services, said: “Domestic equity indices experienced minor losses as rising concerns over potential US tariffs on Indian goods led to capital outflows. Additionally, the proposed trade policy is expected to exert inflationary pressures, with the latest Fed Minutes indicating that an interest rate cut may be delayed.”
Satish Chandra Aluri, Analyst, Lemonn Markets Desk, said: “Benchmark indices closed slightly lower on expiry day after a rangebound and volatile session. The FOMC minutes hinted that the US Federal Reserve might pause rate cuts due to inflation concerns.”
Among BSE sectoral indices, bankex dropped 0.50 per cent, followed by financial services (0.25 per cent), BSE Focused IT (0.10 per cent) and FMCG (0.04 per cent). Power jumped the most 2.19 per cent, followed by utilities (2.17 per cent), metal (2.02 per cent), services (1.86 per cent), oil & gas (1.66 per cent) and industrials (1.55 per cent).
