Mumbai, Aug 13 (IANS) India’s key indices closed in deep red on Tuesday due to selling pressure in index heavyweights HDFC Bank, SBI, Tata Steel and Bajaj Finance.
At close, Sensex slipped 692 points or 0.87 per cent to 78,956, while Nifty was down 208 points or 0.85 per cent to 24,139.
It was the worst session since August 5.
The decline was led by banking stocks with Nifty Bank closing at 49,831, down 746 points or 1.48 per cent. The decline in the banking index is being attributed to heavy selling in HDFC Bank. Shares of the country’s largest private lender slipped 3.46 per cent in the trading session.
Selling was also seen in midcap and smallcap stocks. The Nifty Midcap 100 index fell 449 points or 0.78 per cent to 56,881 while the Nifty Smallcap 100 index fell 240 points or 1.30 per cent to 18,203.
According to experts, the domestic market plunged into red terrain in the latter half amid mixed global sentiments. Recent IIP data indicates a lacklustre growth in the major manufacturing sector, while persistent selling by FIIs and elevated valuations is further contributing to the decline.
In the Sensex pack, Titan, HCL Tech, Nestle, Wipro, Sun Pharma, M&M, and Reliance were the top gainers, while HDFC Bank, Tata Steel, Bajaj Finance, SBI, Tata Motors, and JSW Steel were the top losers.
“Despite having minimal impact on the recent adverse developments, the market currently shifts attention towards underlying earnings growth, which remains bleak this quarter and may lead to a downgrade if resilience isn’t shown in the subsequent quarters,” a market expert said.
The foreign institutional investors (FIIs) sold equities worth Rs 4,680 crore on Monday, while domestic institutional investors bought equities worth Rs 4477 crore on the same day.
–IANS
avs/arm
Disclaimer
The information contained in this website is for general information purposes only. The information is provided by TodayIndia.news and while we endeavour to keep the information up to date and correct, we make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability or availability with respect to the website or the information, products, services, or related graphics contained on the website for any purpose. Any reliance you place on such information is therefore strictly at your own risk.
In no event will we be liable for any loss or damage including without limitation, indirect or consequential loss or damage, or any loss or damage whatsoever arising from loss of data or profits arising out of, or in connection with, the use of this website.
Through this website you are able to link to other websites which are not under the control of TodayIndia.news We have no control over the nature, content and availability of those sites. The inclusion of any links does not necessarily imply a recommendation or endorse the views expressed within them.
Every effort is made to keep the website up and running smoothly. However, TodayIndia.news takes no responsibility for, and will not be liable for, the website being temporarily unavailable due to technical issues beyond our control.
For any legal details or query please visit original source link given with news or click on Go to Source.
Our translation service aims to offer the most accurate translation possible and we rarely experience any issues with news post. However, as the translation is carried out by third part tool there is a possibility for error to cause the occasional inaccuracy. We therefore require you to accept this disclaimer before confirming any translation news with us.
If you are not willing to accept this disclaimer then we recommend reading news post in its original language.
