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MARKET WRAP: Sensex falls 216 pts, Nifty fails to hold 10650; banks drag

SI Reporter/New Delhi 29 May 18 | 03:30 PM

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ended lower with the Sensex falling over  200 points on global correction and weaker rupee.

The S&P BSE Sensex ended at 34,949, down 216 points while the broader Nifty50 index settled at 10,633, down 55 points

Banking & financials stocks pulled the markets lower with the Nifty Bank Index slipping as much as 1.3% after three straight sessions of gain, with ICICI Bank and SBI shedding 3% each. 

Among indivisual stocks, M&M rose 3% after the company's March quarter earnings beat analyst expectations as profit grew by 50% year-on-year to Rs 11.55 billion and revenue increased 25.6% to Rs 131.89 billion during the quarter.

RUPEE

The rupee extended fall in afternoon, depreciating 50 paise to Rs 67.94 against the US dollar on fresh demand for the greenback from importers and banks.

GLOBAL MARKETS

A deepening political crisis in Italy provoked a second day of heavy selling on European financial markets, with the euro cut to a 6-1/2 month low, stocks punished and short-term borrowing costs surging for the government in Rome.

Asia flinched too. Japan’s Nikkei slipped 0.6%. Chinese shares were in the red, too, with the blue-chip index down 0.6% and Hong Kong’s Hang Seng index off 0.7%. 

CRUDE OIL PRICES

Oil prices remained under pressure from expectations that Saudi Arabia and Russia would pump more crude to ease a potential shortfall in supply.

US crude futures tumbled to six-week lows and looked set for a fifth straight day of declines. The July contract was last down 1.6% at $66.81 a barrel.

(with Reuters inputs)

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Sensex

Company Price Gain (%)
ICICI Bank297.551.47
Reliance Inds.1,032.351.22
H D F C1,855.250.47
Tata Motors306.550.31
Infosys1,246.350.24

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