2019 Lok Sabha Election Results
2019 Assembly Election Results
Mumbai: In volatile trade, benchmark indices turned choppy after opening higher in early trade on Tuesday on foreign fund outflows, surging global crude oil prices and weak rupee amid negative global cues.
The 30-share index fell up to 122.72 points, or 0.32 per cent, to 38,189.80, after touching a high of 38,518.56 at the outset. The gauge has lost 584.11 points in the previous four sessions. Similarly, the NSE Nifty declined by 50.30 points, or 0.43 per cent, to 11,532.05.
Sectoral indices led by FMCG, metal, realty, capital goods, PSU, banking, oil and gas, auto, healthcare and infrastructure, fell up to 1.54 per cent. Major losers were HUL, Adani Ports, Vedanta, ITC, Axis Bank, Yes Bank, Sun Pharma, Coal India, Bharti Airtel, Bajaj Auto, ICICI Bank, Asian Paints, Tata Steel, SBI, Hero Motocorp, IndusInd Bank, Kotak Bank, Maruti Suzuki, ONGC and HDFC Bank, shedding up to 2.45 per cent.
However, Infosys, TCS, NTPC, Tata Motors, PowerGrid, HDFC, M&M, RIL and Wipro, gained up to 2.34 per cent.
Sentiment remained weak on sustained capital outflows by foreign funds after an investor lobby group named AMRI (Asset Management Roundtable of India) said on Monday that the immediate impact of the new Sebi KYC norms, if not amended, would flush out USD 75-billion FPI investment from the country within a short time-frame.
The organisation also warned that it would have severe impact on stocks and rupee.
However, taking strong objection to these claims, Securities and Exchange Board of India (Sebi) on Tuesday said in a rare early morning statement, "It is preposterous and highly irresponsible to claim that 75 billion dollars of FPI investment will move out of the country because of Sebi's circular issued in April 2018."
Brokers said rising global crude oil prices, which went past the USD 78 per barrel mark, and weak rupee weighed on market sentiment. The rupee hit fresh record low of 71.37 against the US dollar in early trade.
Meanwhile, foreign portfolio investors (FPIs) net sold shares worth a net of Rs 21.13 crore and domestic institutional investors (DIIs) also sold equities to the tune of Rs 542.12 crore on Monday, as per provisional data.
Most Asian stocks fell amid continuing concerns about stability in emerging markets and prospects for escalating US-China trade tensions.
Japan's Nikkei fell 0.05 per cent, Hong Kong's Hang Seng was down 0.12 per cent in early trade and China's Shanghai Composite index shed 0.17 per cent. US markets were closed yesterday for Labor Day holiday.Â