Against this backdrop, gains in Asian equity markets proved difficult for most of their European peers to match, after hitting a one-year high in the previous session. Nasdaq Futures, which fell more than 1.5 percent, or 200 points, also suggested a lower start for Wall Street later in the day.
Japan’s Nikkei added 1.7 percent, but this vanished when Europe opened for business. Britain’s FTSE 100 and STOXX Europe 600 fell by around 0.5 percent each, which weighed on the MSCI world index, which was down 0.1 percent.
At home, the stock indices snapped their three-day winning streak and closed 0.9 percent lower. The top-line S&P BSE Sensex fell 487 points, or 0.95 percent, to end the day at 50,792 levels. From the intraday high of 51,822, the index tumbled 1,284 points to hit an intraday low of 50,538.
On the NSE, the Nifty index held the 15,000 mark to close at 15,031 levels, 144 points or 0.95 percent. In intraday trading, the index hit a low of 14,954.
26 of the 30 components of the Sensex and 42 of the 50 components of the Nifty ended the day in the red. Hindalco, Bajaj Auto, HDFC Life, SBI Life, Maruti Suzuki, Adani Ports, IndusInd Bank, ICICI Bank, Hero MotoCorp, SBI and Reliance Industries, all with a 2% to 3% drop, were the main laggards in the indices. .
On the other hand, PowerGrid, Titan Company, Infosys, ONGC, Indian Oil Corp, BPCL and JSW Steel continued to be the main winners in the benchmarks.
In broader markets, the S&P BSE SmallCap Index defended the decline and closed 0.14% higher, supported by gains in Apollo Pipes, Jindal Poly Firms, MTNL, BGR Energy Systems, Delta Corp and Meghmani Organics.
The MidCap counterpart, however, fell 0.45 percent.
Sectorally, all of the NSE indices were painted red with the Nifty Auto and PSU Bank indices falling about 2 percent each. The indices of Nifty Bank, Financial Services, FMCG, Metal and Private Bank, on the other hand, fell almost 1%.
Vibrant actions
IDBI Bank shares rose 17 percent to Rs 44.80 in BSE in intraday trading after the Reserve Bank of India removed the lender from the immediate corrective action (PCA) framework to improve finances and the credit profile. This eases the rules for the lender to expand its business and also sets the stage for strategic divestment by the government, which owns a 45.48 percent stake in the company. The shares finished 10 percent higher in a weak market.
Shares of the Indian Energy Exchange (IEX) advanced 13 percent to hit a new high of Rs 349 on the BSE in intraday trading after the company strategically partnered with the National Stock Exchange (NSE) of India and Petroleum. and Natural Gas. Corporation (ONGC) to build gas markets. The stock surpassed its previous high of Rs 322.85, touched on February 11, 2021.
Shares of India Glycols on Friday fell 9 percent to 529 rupees; dropping 13 percent from the day’s high, in BSE in intraday trading after its board approved the transfer of the company’s BioEO (specialty chemicals) business to IGL Green Chemicals Private Limited (IGCPL), a subsidiary fully owned. BioEO accounted for 12.85 percent of India Glycols’ total revenue and 26.20 percent of total net worth, as of March 31, 2020. The shares ended about 8.7 percent lower at Rs 528. per share.
(With input from Reuters)
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