Nifty slips 100 pts on global worries

Nifty slips 100 pts on global worries
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Mumbai: The NSE Nifty continued its downslide for the fourth straight session, dropping 99.50 points to close at 10,359 following a sharp selling mainly in metal, energy, auto and FMCG counters.

Investors’ sentiment was also hit after a private survey data showed deterioration in India’s services sector last month.

Metal stocks dropped on fears that US President Donald Trump’s announced tariffs on steel and aluminum could spark a trade war.

Weakness in Asian stocks also weighed on sentiment.

Overseas, Asian markets ended lower. Hang Seng shed 2.3 percent while Kospi declined 1.13 per cent and Nikkei lost 0.66 per cent. European markets were trading higher, with Germany DAX, France CAC and Britain FTSE moving up as much as 0.3-0.7 per cent.

The Nifty 50 index fell 99.50 points, or 0.95 per cent, to close at 10,358.85, its lowest closing level since December 15.

2017, before moving in a range of 10,428.70 and 10,323.90.

It saw an intra-day movement of about 104.80 points.

On the sectoral front, Nifty metal dropped by 3.28 per cent followed by energy 1.97 per cent, auto 1.57 per cent, FMCG 1.24 per cent, infra 1.01 per cent, realty 0.99 per cent, media 0.96 per cent, pharma 0.69 per cent, private bank 0.46 per cent, bank 0.36 per cent and finance service 0.34 per cent.

While, Nifty IT and PSU Bank rose by 0.69 and 0.06 percent, respectively.

Major index gainers were Tech Mahindra, Sun Pharma, TCS, NTPC, UPL, M&M, SBIN and Kotak Bank.

Among the losers were Tata Motors, Hindalco, Aurobindo Pharma, Tata Steel, Ambuja Cement, Reliance, InfraTel and Coal India.

The market breadth, indicating its overall health, remained negative. A total of 404 scrips advanced, 1,415 declined, while 55 remained unchanged.

As many as 215 securities hit their price bands.

Turnover in the cash segment rose to Rs 28,520.51 crore from Rs 27,986.55 crore as on last Thursday.

A total of 13,612.61 lakh shares changed hands in 1,04,72,162 trades. The market capitalisation of listed firms on the NSE stood at Rs 1,43,73,679.77 crore.

PTI