NEW DELHI: Weak global cues after a rout on Wall Street extended to domestic equities on Wednesday that opened flat, with IT, bank, financial and metal heavyweights under pressure.
A sharp selloff in global stocks and dollar's comeback from a two-week low weighed on sentiment.
A sharp selloff in global stocks and dollar's comeback from a two-week low weighed on sentiment.
However, tumbling crude oil prices in global markets offered relief and capped the fall of the market. Weak prospects of economic growth and trade war jitters have dented stocks and oil prices in global markets. Oil prices remained unstable even after recovering slightly, post a plunge of 6 per cent yesterday, amid reports of a decline in the US commercial crude inventories.
Asian stocks slid on Wednesday as intensifying concerns about global economic growth gripped financial markets, sending Wall Street shares and crude oil prices tumbling and driving the safe haven dollar up from a two-week low, Reuters reported.
Around 9:34 am, the BSE Sensex was 115 points down at 35,359 while the Nifty index was 17 points up at 10,639.
Midcaps and small caps, however, bucked the trend and traded in the green, outperforming the benchmark. The BSE Midcap was 0.59 per cent up while the BSE Smallcap index was 0.28 per cent up at that time.
IT stocks, including Infosys, Mindtree, TCS, HCL Tech, Wipro and Tech Mahindra plunged.
Shares of oil marketing companies traded with decent gains amid a fall in crude oil prices. HPCL, BPCL, IOC and ONGC were among the top gainers in the BSE Oil & Gas index.
Airlines stocks SpiceJet, Jet Airways and IndiGo jumped up to 5 per cent.
Asian Paints, YES Bank, ONGC, Bharti Airtel, Sun Pharma and State Bank of India were among the gainers in the Sensex index.
Infosys, TCS, Vedanta, Wipro, Reliance Industries and Tata Steel were among the top losers in the Sensex kitty.
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