Indian stock benchmarks ended sharply lower on Friday on losses in other global markets as a double whammy of global growth concerns and an end to central bank support propelled nervous investors into safe assets. The Sensex fell as much as 615 points and the Nifty 50 index hit an intraday low of 16,376.05. Tata Steel, Reliance Industries, Kotak Mahindra Bank, State Bank of India, Larsen & Toubro and ICICI Bank were among the biggest barriers on the Sensex.
The Sensex fell 300 points to close at 55,329 and the Nifty 50 index fell 118 points to finish at 16,450.
“Nifty trimmed some of its losses but managed to close below 16,500. From a short-term perspective, it will be critical for Nifty to stay above 16,500. Traders are advised not to build new buy positions until we have further see improvement in market size. If Nifty is unable to stay above 16,500, it could drop to 16,350,” Ashis Biswas, chief of technical research at CapitalVia Global Research, told NewsMadura.
Selling pressure was broad as all 15 sector gauges except FMCG stocks finished lower, led by the more than 6 percent decline in the Nifty Metal index. Nifty Realty, Healthcare, Private Bank, Oil & Gas, PSU Bank, Auto and Bank indices also fell between 1.5 and 4 percent.
Mid and small cap stocks also faced selling pressure as the Nifty Midcap 100 index fell 2 percent and the Nifty Smallcap 100 index fell 2.2 percent.
CarTrade Tech stocks made a weak debut in the stock markets. Shares of the multi-channel automotive platform, CarTrade Tech, traded at Rs 1,599.80 on the National Stock Exchange, compared to the issue price of Rs 1,618. The stock fell a whopping 9 percent, hitting an intraday low of Rs 1,476.
Shares of Ujjivan Small Finance Bank fell a staggering 17 percent, reaching a new 52-week low of Rs 20.15 after its chief executive and chief executive officer resigned from the bank.
Tata Steel was the top loser, the stock fell nearly 9 percent to close at Rs 1,367. JSW Steel, Hindalco, UPL, Tata Motors, Adani Ports, State Bank of India, Dr Reddy’s Labs, ONGC, Indian Oil, Sun Pharma and Hero MotoCorp also fell between 2.6-7 percent.
On the other hand, Hindustan Unilever, Britannia Industries, Asian Paints, Nestle India, Bajaj Finance and SBI Life were among the notable winners.
Overall market size was extremely negative as 2,445 stocks finished lower while 750 closed higher on the BSE.