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Sensex drops 169 pts on selloff in banks, FMCG stocks; Nifty below 11,250

HDFC duo together caused over a 100-point slide in Sensex.

Updated: Sep 19, 2018, 05.34 PM IST
Sensex falls 169 pts, Nifty below 11,250; HDFC twins drop
Sensex falls 169 pts, Nifty below 11,250; HDFC twins drop
NEW DELHI: The domestic indices settled lower, shrugging off bullishness in global stocks, due to late selloff in banking, financials and FMCG stocks ahead of market holiday.

Expectation of pickup in US economic growth and Fed rate hike, amid rising crude and widening CAD further impacted the domestic market sentiment.

The stock exchanges will be shut on Thursday on account of Moharram.

The BSE Sensex reversed opening gains to settle 169.45 points, or 0.45 per cent at 37,121.22 with 15 of the 31 constituents settling higher.

HDFC duo together caused over a 100-point slide in Sensex.

Vinod Nair, Head of Research, Geojit Financial Services said,"Despite favorable global cues and recovery in rupee, the domestic market continued to witness selling pressure due to higher oil price and yield. Additionally, flight of capital from domestic market in expectation of pickup in US economic growth and FED rate hike impacted the sentiment. Market is likely to remain volatile considering higher oil price, widening CAD and upcoming RBI policy meet."

IndusInd Bank (down 3.03 per cent) was the worst index performer while Coal India (up 2.06 per cent) surged the most.

ONGC, Tata Steel, Sun Pharma, ICICI Bank and Bajaj Auto were among other index gainers.

IndusInd Bank was follwed by Maruti Suzuki, HDFC Bank, YES Bank, HDFC and Adani Ports.

The NSE benchmark Nifty50 shut shop at 11,234.35, down 44.55 points, or 0.39 per cent with 27 stocks setlling in the green and the rest 23 in the red.

Among sectoral indices, only IT and metals managed to close higher.

The metal stocks gained amid media reports that US is likely to exempt Indian steel and alumimium from the higher tariff regime announced by President Donald Trump's administration this March.

Media, FMCG, realty and bank stocks were among major losers.

The BSE Bankex fell 152.39 points, or 0.51 per cent, to 29628.22 while the BSE FMCG index dropped 131.23 points, or 1.09 per cent.

BSE Smallcap and BSE Midcap index underperformed benchmark Sensex. The BSE Smallcap index fell 0.98 per cent while the BSE Midcap index shed 0.72 per cent.

However, on teh gloabl front, equities rallied for a second straight day on Wednesday while safe-haven assets such as US bonds and the Japanese yen slipped to multi-week lows as investors bet the escalating US-China trade spat would inflict less damage than feared, Reuters reported.

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