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    Published On : Thu, Mar 23rd, 2017
    Business News | By Nagpur Today Nagpur News

    Sensex registers biggest fall since December on global worries

    sensex downMumbai: The benchmark indices on Wednesday extended losses for the third straight day as banking and auto stocks dropped, while negative trade in Asian and European markets on concerns over US President Donald Trump’s economic growth agenda also contributed to the losses.

    The S&P BSE Sensex ended at 29,167, down 318 points, while the broader Nifty50 closed at 9,030, down 91 points.

    In the broader market, the S&P BSE Midcap and Smallcap indices also slipped nearly 1% each.

    The market breadth, indicating the overall health of the market remained weak. On BSE, 1,826 shares declined and 982 shares rose. A total of 194 shares were unchanged.

    “Investors who had been waiting for declines from the record peak, were reluctant today, allowing slippage to extend, as fall in global markets dented sentiments.

    Doubts cast on US corporate tax cuts may have stalled present run in global equities. It should lighten US rate hike expectations, and should augur well for Indian equities,” said Anand James, Chief Market Strategist, Geojit Financial Services.

    Sectors and stocks

    Public sector banks lost the most with Nifty PSU Bank index down 2%, led by losses in PNB (down 4.5%), Union Bank (down 3%) and Allahabad Bank (down 3%).

    Auto stocks lost traction. Nifty Auto index ended 1.6% lower with Tata Motors and Exide Industries falling 3% and 2%, respectively.

    Nifty Metal also shed over 1%, led by losses in JSW Steel (down 3%), SAIL (down 2.5%) and NMDC (down 2.3%).

    Telecom services provider Bharti Airtel was among the top losers on both the NSE and BSE indices, slipping over 3% at Rs 338 on NSE.

    After initial weakness, shares of Avenue Supermarts advanced over 2% to Rs 657 in intraday trade. The stock settled flat. The company, which owns supermart chain D-Mart, made a stellar debut in the previous session by listing at more than double the issue price of Rs 299.

    Among other gainers, Delta Corp rallied 5% to Rs 178 on BSE in an otherwise weak market ahead of the board meeting today to consider fund raising plans.

    Puravankara jumped over 3% to Rs 62 after the company informed that its board has passed an enabling resolution to exit Rs 403 crore investment in Raidurg, Panamaktha Village.

    Global markets

    European markets opened lower amid increasing concerns regarding Trump’s economic policies. EURO STOXX 50 and CAC 40 were down 0.2% each, while FTSE 100 shed 0.7%.

    Among Asian markets, MSCI’s broadest index of Asia-Pacific shares outside Japan fell 1.4%, its biggest intraday percentage fall since March 9. In the previous session, the index hit its highest level since June 2015.

    Japanese stocks led regional losers, falling 2% as investors ignored data showing exports grew the most in more than two years in February. Australian shares tumbled 1.6%.

    After Tuesday’s sell-off on Wall Street, the Dow Jones futures indicate losses would continue into Wednesday. Dow futures slid 0.2%

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