Sensex tanks 300 points on weak global cues, Nifty settles below 7,820; Arvind Infra, Manappuram Finance hit upper circuit
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Domestic benchmark indices BSE Sensex and NSE Nifty slipped over a percentage point on Friday after industrial production in March plunged to 0.1 per cent amid weak global cues. The 30-share index closed 300.65 points down at 25,489.57, while Nifty 50 index settled 85.50 points down at 7,814.90.
Among the 30 stocks in the BSE Sensex, 27 ended the day in red with Adani Ports falling the most — 3.48 per cent to Rs 188.40, it was followed by HUL (down 2.58 per cent), BHEL (down 2.50 per cent), HDFC (down 2.46 per cent) and Tata Steel (down 2.31 per cent). On the other hand, Asian Paints, Tata Motors and ITC gained 1.70 per cent, 0.43 per cent and 0.09 per cent, respectively.
Sectorwise, the BSE Realty index, BSE Metal and BSE Capital Goods index plunged 2.07 per cent, 2.04 per cent and 1.57 per cent, respectively. Rest all other indices also ended the day in red.
Vinod Nair, head of research, Geojit BNP Paribas Financial Services, said, “Investors turned to profit booking due to weak CPI inflation and IIP data. The FII activities remain subdued amid weakness in the global economy.”
In scrip specific development, Eicher Motors closed 3.82 per cent down after promoters sold stake in the company. The promoter group has sold 4.2 per cent stake in the company for Rs 2,100 crore. On the other hand, Crompton Greaves Consumer Electricals (CGCEL) hit upper circuit after being listed on the stock exchanges. Private equity investors Advent International and Temasek launched Rs 1,695 crore open offer to acquire 26 per cent stake in CGCEL to become majority shareholders.
Selling got intensified after European counters have made a feeble start with CAC, DAX and FTSE were trading with a cut of around half a per cent in early deals. Asian shares ended in red on Friday, as crude oil retreated and technology shares declined after Apple Inc. sank to the lowest since June 2014.
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