The Nifty50 heavyweights such as ICICI Bank, HDFC, HDFC Bank, Reliance were top index losers. The Nifty Bank closed at 8-month low as most of the banking stocks closed with deep cuts.
Moneycontrol News
A weak day for India market with the S&P BSE Sensex and Nifty50 closing at their lowest levels in over 5 months. The S&P BSE Sensex closed 409 points lower while Nifty broke below 10,000 for the first time since October 11 over trade wars.
The market breadth improved but was it was still in favour of declines. Only 10 Nifty stocks closed with gains. Sectorally, realty, metals, banks, capital goods, and healthcare stocks decline while IT stocks rose.
The Nifty50 heavyweights such as ICICI Bank, HDFC, HDFC Bank, Reliance were top index losers. The Nifty Bank closed at 8-month low as most of the banking stocks closed with deep cuts.
Top Sensex losers include names like Axis Bank (down 3.3%), SBI (down 2.9%), ICICI Bank (down 2.7%), Tata Steel (down 2.4%), and Tata Motors (down 2.1%).
Top Sensex gainers include names like Adani Ports (up 1%), followed by Infosys which gained 0.75 percent, and Power Grid which rose 0.5%.
More than 300 stocks hit fresh 52-week low on the BSE which include names like Bosch, GSK Pharma, Orissa Minerals, CARE, Siemens, Godfrey Phillips, BSE, Lupin, Reliance Capital, Cadila Healthcare etc. among others.
Stocks in news:
Fortis Healthcare slipped 7.1 percent on reports that private equity TPG, and Manipal, which are looking to buy hospital business of Fortis Healthcare, is expected to change the deal structure to protect against legal risks and liabilities, reports CNBC-TV18 quoting sources.
Max Financial Services has raised stake in its life insurance arm by buying a portion from Axis Bank for Rs 153 crore. The stock closed 1.8 percent higher.
GlaxoSmithKline has withdrawn from the race to buy Pfizer's consumer healthcare business, the British drugs company said, endangering an auction for an asset some said could fetch as much as USD 20 billion. Pfizer closed 1.4% lower.
State-owned defence company Bharat Dynamics share price opened sharply lower following weak market conditions and tepid response from investors to the issue. The stock closed 8.9% lower at Rs389. The stock fell 15% in intraday trade today.
Union Bank of India shares hit 11-year low, down 8.2% at Rs86 after the Central Bureau of Investigation (CBI) registered a Rs1,394.43-crore bank fraud case against Hyderabad-based Totem Infrastructure Ltd on a complaint by the state-run bank.
Tata Steel shares fall 2.4% after the company said it had been selected as the successful resolution applicant for buying debt-laden Bhushan Steel Ltd.
IT stocks picked up momentum after Accenture reported 15% rise in revenue for the December quarter. HCL Technologies rose 2.8%, followed by MindTree which gained 1.3%, and Tech Mahindra rose nearly 1%.
Global Update:
Asian markets closed sharply lower, tracking steep declines in US, which took a hit on fears of a potential trade war. Japan's Nikkei 225 was the biggest loser in percentage terms among Asian markets, down 4.5 percent. China's Shanghai Composite, Hong Kong's Hang Seng, Australia's ASX 200 and South Korea's Kospi ended 2-3% down.
European equities were sharply lower, as heightened fears of a global trade war shook markets. France CAC and Germany DAX were down 2 percent each while Britain FTSE was down 1 percent at the time of writing this article.