Sensex, Nifty Post Third Weekly Loss Amid Setback For Ruling BJP
Indian equity benchmarks extended decline to post their third weekly loss after a Modi government ally exited the ruling coalition.
Andhra Pradesh's Telugu Desam Party moved a no-confidence motion against the government in the Lok Sabha today, hours after party president N Chandrababu Naidu announced in Amaravati that the party was exiting the National Democratic Alliance.
This came as another blow for the Bhartiya Janata Party which lost key by-polls in Uttar Pradesh and Bihar earlier this week.
The S&P BSE Sensex fell 1.51 percent or 509.54 points to 33,176 and the NSE Nifty 50 index plunged 1.59 percent or 165 points to 10,195.
For the week, the Sensex declined 0.39 percent and the Nifty fell 0.31 percent.
All sector gauges compiled by BSE ended lower led by the S&P BSE Metal index's 2.3 percent drop.
Losses were broad-based as the S&P BSE MidCap and S&P BSE SmallCap indices fell 1 percent each.
Ramky Infra Gains On Order Win
Shares of the Hyderabad-based construction company rose as much as 4.57 percent, the most since March 13, to Rs 205 after it won road construction project worth Rs 940 crore in Jammu & Kashmir.
- Indian equity benchmarks fell sharply in the last hour of trade on the back of a broad-based selloff after political uncertainties grew after Telegu Desam Party (TDP) decided to quit the ruling NDA government.
- The S&P BSE Sensex fell 1.57 percent or 522 points to 33,162 and the NSE Nifty 50 index broke below its important psychological level of 10,200, down 1.58 percent or 166 points to 10,195.
GHCL Surges After Block Deal
Shares of the Noida-based chemical maker rose as much as 5.95 percent to Rs 284.90 after 29.4 lakh shares change hands in a block deal.