Signage for the Bombay Stock Exchange (BSE) is displayed on a glass door in the lobby of the BSE building in Mumbai. (Photographer: Prashanth Vishwanathan/Bloomberg)

Sensex, Nifty Post Worst Three-Day Decline In Six Months

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Closing Bell: Sensex, Nifty Post Worst Three-Day Decline In Six Months

Indian equity benchmarks posted their worst three-day decline in six months dragged by HDFC twins, Indusind Bank, Maruti Suzuki and ITC.

In last three sessions, the S&P BSE Sensex and NSE Nifty 50 Index slumped over 2.5 percent to lowest levels in nearly two months. Investors’ wealth of over Rs 2 lakh crore has been wiped out by fall in the Nifty, data compiled by Bloomberg showed.

In today’s trade, Sensex fell 0.45 percent or 169 points to 37,121 and Nifty declined 0.39 percent or 45 points to 11,234.

Thirteen of 19 sector gauges compiled by BSE ended lower dragged by S&P BSE FMCG Index’s 1.1 percent drop. On the flipside, the S&P BSE Metal Index was top gainer, up 1.25 percent.

The mid- and small-cap shares underperformed their larger peers as the S&P BSE MidCap Index fell 0.7 percent and the S&P BSE SmallCap Index tumbled 1 percent.

HDFC Twins Trade Below 200-Day Moving Average

Shares of the country's largest private sector lender and the country's largest mortgage lender fell as much as 1.64 percent and 1.58 percent respectively.

With today’s decline both HDFC Bank and HDFC fell below their 200-day moving average.

Sensex, Nifty Post Worst Three-Day Decline In Six Months
Sensex, Nifty Post Worst Three-Day Decline In Six Months

IndusInd Bank Falls Most in Over Seven months

Shares of the Mumbai-based private sector lender fell as much as 3.4 percent, the most since February, to Rs 1,799.25 on heavy volumes. Trading volume was 1.2 times its 20-day average.

Expect Large Caps To Perform Better In Near Future: JPMorgan

Large cap stocks are likely to perform better in near future, Ravi Shankar, MD - investment banking, JPMorgan India told BloombergQuint on the sidelines of JPMorgan India Investor Summit.

Key highlights of conversation:

  • Expect large caps to perform better in near future
  • Currently Indian telecom market is turning into duopoly
  • Mid cap IT players will benefit from niche approach unlike large-cap companies

Market Update: Sensex Drops Over 100 Points, Nifty Below 11,250

Indian equity benchmarks extended decline weighed down by weakness in Reliance Industries, HDFC twins and ITC.

The Sensex fell 0.36 percent or 131 points to 37,157 and the NSE Nifty 50 Index declined 0.41 percent or 44 points to 11,233.