The South Asian Times

23 March 2019 00:58 AM

Equities slip on negative global cues, banking stocks recede


Mumbai, March 7: Heavy selling pressure in banking, capital goods and healthcare stocks, along with negative cues from Asian and European markets, dragged the key Indian equity indices lower for the sixth straight session on Wednesday.

The S&P BSE banking index plunged by 381.31 points or 1.38 per cent following developments in the sector, dragged by banking heavyweights like the Punjab National Bank (down 2.25 per cent), State Bank of India (down 3.84 per cent), ICICI Bank (down 2.85 per cent) and Bank of Baroda (down 1.85 per cent).

At 3.30 p.m., the wider Nifty50 of the National Stock Exchange (NSE) provisionally closed lower by 95.05 points, or 0.93 per cent, at 10,154.20 points.

The barometer 30-scrip Sensitive Index (Sensex) of the BSE, which opened at 33,279.39 points, closed at 33,033.09 points -- down 284.11 points, or 0.85 per cent, from its previous session's close.

The Sensex touched a high of 33,331.21 points and a low of 32,991.14 during the intra-day trade.

The BSE market breadth was remarkably bearish with 2,237 declines and 503 advances.

On Tuesday, the Sensex had closed lower by 429.58 points, or 1.27 per cent, at 33,317.20 points, while the Nifty50 plummeted by 109.60 points, or 1.06 per cent, to close at 10,249.25 points.

Update: 07 March, 2018