Sensex loses another 301 pts on political, macro concerns 

Source: The Hitavada      Date: 19 May 2018 09:36:08



EQUITIES wilted under selling pressure for the fourth straight session on Friday, capping off the worst week for investors this fiscal amid political uncertainties and spiking crude oil prices. The benchmark Sensex slumped 300 points to end at 34,848.30, while the broader NSE Nifty cracked below the 10,600-mark. On a weekly basis, the Sensex lost 687.49 points, or 1.93 per cent, while the Nifty tumbled 210.10 points, or 1.94 per cent -- their biggest fall since the week ended March 9. No let-up in selling by foreign funds and rising global crude oil prices, which hovered near USD 80 per barrel, affected investor sentiment, brokers said.

The 30-share Sensex opened lower and stayed in the negative terrain for the major part of the session, hitting a low of 34,821.62 before ending at 34,848.30 -- down by 300.82 points, or 0.86 per cent. The 50-share NSE Nifty settled 86.30 points, or 0.81 per cent, lower at 10,596.40. During the session, it moved between 10,589.10 and 10,674.95. “Market edged lower as global trade tensions and concern on domestic macros due to weak INR and rising oil price dampened the sentiment.

“As on date Q4 results came below estimate which may cause downgrade in FY19 estimates. Consolidation may extend as rise in yield will add volatility in the market. However, interventions from RBI may curb steep fall in rupee and are likely to give support to the market,” said Vinod Nair, Head of Research, Geojit Financial Services. Foreign portfolio investors (FPIs) net sold shares worth Rs 830.94 crore, while domestic institutional investors (DIIs) bought equities to the tune of Rs 428.92 crore on Thursday, provisional data from stock exchanges showed. State-run banks remained under selling pressure on disappointing quarterly results due to a jump in provisions for bad loans.