Mumbai (Maharashtra) [India], May 17 (ANI): The key indices of home markets made losses as profit-booking happened, extending the decline for the second consecutive day.
Amid weak world cues, some traders took the trace over US debt ceiling talks having not seen a breakthrough thus far.
BSE 30-share Sensex went down 372 factors and settled at 61,560.64 whereas NSE Nifty 50 misplaced 98 factors to finish at 61,560.64.
Kotak Bank, Asian Paints, TCS, HCL Tech, Infosys, and Tata Steel have been the highest laggards whereas IndusInd Bank, ITC, Bharti Airtel, Maruti, ExtremelyTech Cement, and MM closed greater.
Nifty Financial Services, Nifty IT, Nifty Metal and Nifty Realty have been the highest drags amongst sectoral indices.
In Asian markets, Hong Kong’s Hang Seng went down 417 factors, Japan’s Nikkei gained 250 factors, Thailand Set misplaced 17 factors and China’s Shanghai dropped 6 factors, Philippine Stock Exchange gained 46 factors.
In the US markets, Nasdaq Composite and SP 500 INDEX have been buying and selling within the inexperienced and Dow Jones misplaced 336 factors.
In the European markets, Amsterdam Exchange, BEL, CAC, Deutsche Borse have been buying and selling within the constructive territory, whereas FTSE 100 and FTSE 250 have been buying and selling within the crimson.
The US debt ceiling talks on Tuesday didn’t bear any fruit.
US President Joe Biden and prime congressional Republican Kevin McCarthy held an hour of talks to keep away from a possible US debt default. When the assembly ended, the Republican chief stated that the 2 sides remained far aside on lifting the debt ceiling. However, McCarthy additionally stated a deal was doable by the top of the week.
Vinod Nair, Head of Research, Geojit Financial Services, stated that home traders remained cautious in response to weak world sentiments because the US market grappled with recession issues led by latest financial information indicating a slowdown.
The rupee fell 13 paise to shut at 82.38 towards the US foreign money on Wednesday. With the adverse development in home equities, the native foreign money was weighed down by the energy of the dollar within the abroad market.
Brent Crude traded close to the USD 75 per barrel mark. Crude oil costs have been regular within the commerce amid issues over demand and a decent provide outlook.
Adani Ports shares went down 0.35 per cent to Rs 684.60 apiece on Wednesday. The Supreme Court on Wednesday granted an extension of time for 3 months to the Securities and Exchange Board of India (SEBI) to conduct a probe into Hindenburg report regarding the Adani Group.
Reliance Industries shares have been down 0.48 per cent to Rs 2,442 apiece.
Brokerage Berstein has assigned “Outperform” ranking on Reliance Industries (RIL) and famous Rs 3,2100 as worth goal for the corporate.
Accordingly, the brokerage additionally stated Reliance Jio underneath Jio Platforms, one of many subsidiaries of RIL, is the undisputed scale participant in Indian telecom sector since its launch in September 2016, buying over 100 million clients in lower than a yr.
Siddhartha Khemka, Head, Retail Research, Motilal Oswal Financial Services stated that after witnessing, a sensible transfer within the final couple of days, “the market is witnessing profit-booking, especially in heavyweights from higher levels. Global cues have remained mixed as US debt ceiling negotiations are ongoing, keeping investors cautious”.
“On the domestic front, a healthy result season and consistent foreign institutional investor (FII) buying have been providing support to the market. The overall trend remains positive, however, some consolidation may not be ruled out given the sharp-up move in the last few weeks,” he stated. (ANI)