Thursday, October 28, 2021
HomeBusinessSensex back in red, tumbles 208 points ahead of IIP data

Sensex back in red, tumbles 208 points ahead of IIP data


This was the seventh fall in last eight sessions. Moreover, investors grew increasingly worried over a possible delay in the passage of the key GST bill amid weak global cues as investors prepared for the outcome of next week’s Fed policy meet which probably will raise interest rates for the first time in a decade.

Cautious approach ahead of the key economic data, Industrial Production numbers for October due later today also cast its shadow on sentiments, brokers said.

Weighed down by heavy selling in blue-chips, the BSE Sensex crashed below the crucial 25,000-mark to hit a low of 24,930.43 during mid-session.

However, on value-buying in select counters it managed to close above 25,000 at over three-month low of 25,044.43, revealing a fall of 207.89 points or 0.82 per cent.

The NSE Nifty after slipping below the 7,600-level to hit a low of 7,575.30 towards the middle of session finally settled 72.85 points or 0.95 per cent lower at 7,610.45.

On a weekly basis, Sensex lost 593.68 points or 2.31 per cent and the NSE Nifty dropped 171.45 points or 2.20 per cent.

Auto sector stocks came under pressure after the NGT cracked down on purchase of diesel vehicles.

Tata Motors, M&M, Maruti Suzuki, Ashok Leyland and Eicher Motors plunged up to 2.98 per cent, dragging down the Auto index by 1.71 per cent.

Besides, the BSE Banking index fell by 2.25 per cent as stocks of ICICI Bank, Axis Bank, SBI and HDFC Bank too suffered losses up to 3.60 per cent on a major sell-off.

Bucking the trend, Tata Steel surged the most 3.41 per cent followed by Hindalco 0.73 per cent, Cipla 0.66 per cent, HUL 0.60 per cent and Vedanta 0.36 per cent.

In broader markets, the BSE mid-cap index edged lower by 1.18 per cent while small-cap shed 0.81 per cent.

On global front, Asian markets ended mixed with Japan’s Nikkei rising 0.97 per cent, while Shanghai Composite index fell 0.61 per cent and Hong Kong’s Hang Seng dropped 1.11 per cent. Europe was also down in early trade as investors stayed cautious before the Federal Reserve’s next week’s meeting.

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