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NEW DELHI: Equity indices finished lower for the second consecutive session on Friday with the benchmark BSE sensex plunging over 600 points dragged by banking, financial and metal stocks amid heavy global sell-off.
The 30-share BSE index finished 634 points or 1.63 per cent lower at 38,357; while, the broader NSE Nifty settled below 11,350.
Axis Bank, Tata Steel, NTPC, Bharti Airtel, SBI and Sun Pharma were the top laggards in the sensex pack falling as much as 3.68 per cent. 28 out of 30 stocks finished in red.
While Maruti and TCS were the only gainers rising up to 1.96 per cent.
On the NSE platform, sub-indices Nifty PSU Bank, Metal, Bank, Financial Services fell up to 2.83 per cent.
According to traders, domestic equities followed the massive selloff in global equities.
Banking stocks plunged after the Supreme Court on Thursday directed banks not to declare any loans that were standard as of end-August as non-performing until further orders, raising uncertainty over recovery efforts.
“The banking industry will have to assess its individual balance sheet dynamics and ultimately wait for clarity from the court order,” Mayuresh Joshi, head of equity research at William O’Neil & Co told news agency Reuters.
On the global front, stock exchanges on Wall Street ended with heavy losses in overnight session led by carnage in technology stocks with Apple shares plunging around 8 per cent.
Meanwhile — snapping its two-day losing streak — rupee rebounded by 33 paise and settled at 73.14 (provisional) against the US dollar.
Exchange data showed that foreign institutional investors bought equities worth Rs 7.72 crore on a net basis on Thursday.
(With agency inputs)
The 30-share BSE index finished 634 points or 1.63 per cent lower at 38,357; while, the broader NSE Nifty settled below 11,350.
Axis Bank, Tata Steel, NTPC, Bharti Airtel, SBI and Sun Pharma were the top laggards in the sensex pack falling as much as 3.68 per cent. 28 out of 30 stocks finished in red.
While Maruti and TCS were the only gainers rising up to 1.96 per cent.
On the NSE platform, sub-indices Nifty PSU Bank, Metal, Bank, Financial Services fell up to 2.83 per cent.
According to traders, domestic equities followed the massive selloff in global equities.
Banking stocks plunged after the Supreme Court on Thursday directed banks not to declare any loans that were standard as of end-August as non-performing until further orders, raising uncertainty over recovery efforts.
“The banking industry will have to assess its individual balance sheet dynamics and ultimately wait for clarity from the court order,” Mayuresh Joshi, head of equity research at William O’Neil & Co told news agency Reuters.
On the global front, stock exchanges on Wall Street ended with heavy losses in overnight session led by carnage in technology stocks with Apple shares plunging around 8 per cent.
Meanwhile — snapping its two-day losing streak — rupee rebounded by 33 paise and settled at 73.14 (provisional) against the US dollar.
Exchange data showed that foreign institutional investors bought equities worth Rs 7.72 crore on a net basis on Thursday.
(With agency inputs)
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