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Nifty extends losses for second day, ends below 11,300

Mumbai, PTI | Updated : 18 September 2018, 08:02 PM
Nifty extends losses for second day, ends below 11,300 (FIle Photo)
Nifty extends losses for second day, ends below 11,300 (FIle Photo)

NSE benchmark Nifty extended steep decline for the second session on Tuesday, falling 98.85 points to 11,278.90 due to sharp sell-offs mainly in banking, realty and auto sectors.

Investors remained cautious after US President Donald Trump imposed 10 per cent tariffs on an additional $ 200 billion worth of Chinese imports, and warned of duties on more products if China took retaliatory action.

Domestic shares spent most of the trading session in negative territory although the reaction was muted. However, selling pressure intensified in the last hour of trade. Crude prices weighed on the market as well as traders reacted to statements from Saudi Arabia.

Overseas, European shares were trading higher. Asian shares ended mixed after Trump administration decided to impose 10 per cent tariffs on $ 200 billion worth of Chinese imports.

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Back home, the broader midcap and smallcap shares also saw intense selling pressure.

The Nifty 50 index fell 98.85 points or 0.87 per cent to 11,278.90 -- its lowest closing level since August 2, 2018. The index rose to the day’s high of 11,411.45 and touched the low of 11,268.95. It saw an intra-day movement of about 142.50 points.

Among the sectoral indices, the Nifty PSU Bank Index dropped 5.44 per cent after shares of Bank of Baroda fell 17 per cent on the government’s proposal to merge the bank with Dena Bank and Vijaya Bank.

Realty fell 3.05 per cent, followed by media 1.97 per cent, infra 1.78 per cent, metal 1.55 per cent, auto 1.54 per cent, bank 1.41 per cent, financial service 1.40 per cent, private bank 1.13 per cent, energy 0.95 per cent, IT 0.55 per cent and pharma 0.37 per cent. While, FMCG rose 1.09 per cent.

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Major index gainers were HUL, Yes Bank, ONGC, Dr Reddy, Wipro, ITC, HCL Tech, GAIL and Titan.

Losers included SBIN, Indiabulls Housing finance, Tata Motors, HindPetro, Bajaj Auto, Axis Bank, Zeel, IOC and Hindalco.

The market breadth, indicating its overall health, remained negative, On the NSE, 498 stocks advanced, 1,326 declined and 83 remained unchanged.

Total securities that hit their price bands were 239.

Turnover in the cash segment rose to Rs 32,077.64 crore from Rs 29,218.10 crore as on Monday.

A total of 17,220.05 lakh shares changed hands in 1,16,17,457 trades. The market capitalisation of listed firms on the NSE stood at Rs 1,51,22,623.93 crore.

First Published: Tuesday, September 18, 2018 07:57 PM

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