Sensex Falls Over 100 Points As Markets Extend Losses To Second Day
Domestic stock markets started Thursday's session on a weak note, a day after official data showed consumer inflation rose to its highest level recorded in seven months. The S&P BSE Sensex index fell as much as 137.5 points to 39,619.31, and the NSE Nifty index moved to 11,863.30, down 42.9 points from the previous close. Weakness in financial and metal sectors pulled the markets lower.
At 9:28 am, the Sensex traded 70.58 points - or 0.18 per cent - lower at 39,686.23 while the Nifty was down 21.10 points - or 0.18 per cent - at 11,885.10.
Thirty stocks on the 50-scrip benchmark index at the time struggled with losses. Top percentage laggards on the index were Yes Bank, IndusInd Bank, Vedanta and Indiabulls Housing Fiannce, trading between 1.55 per cent and 5.94 per cent lower.
IndusInd Bank, Infosys and HDFC were the biggest drags on the Sensex.
Government data showed after market hours on Wednesday that retail inflation - determined by Consumer Price Index (CPI) - picked up to 3.05 per cent in May, the highest level recorded since October last year.
Equities in other Asian markets stuttered amid uncertainty over the US-China trade dispute. MSCI's broadest index of Asia-Pacific shares outside Japan ticked down 0.1 per cent, slipping from a one-month high touched earlier this week, while Japan's Nikkei lost 0.3 per cent.
On Wall Street, the S&P 500 lost 0.20 per cent on Wednesday.
A bigger mover overnight was oil, which tumbled 4 per cent to its lowest settlements in nearly five months. Brent crude futures - the international benchmark for crude oil - barely moved at $60.01 a barrel in early trade on Thursday, after a 3.7 per cent slide to $59.97 a barrel the previous day - their lowest close since January 28.
The Sensex and Nifty had ended 0.48 per cent and 0.5 per cent lower respectively on Wednesday, halting a three-day winning streak as auto, telecom, capital goods and banking sector shares came under selling pressure.
(With inputs from Reuters)