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Share Market Update: Sensex Slips 200 Points, Nifty Also Down By 55 Points

In The Previous Session, Sensex Settled 416.46 Points, Or 0.99 Per Cent, Lower At 41,528.91, And The Nifty Sank 127.80 Points, Or 1.03 Per Cent, To 12,224.55.

News Nation Bureau | Edited By : Assem Sharma | Updated on: 21 Jan 2020, 04:26:15 PM
Closing Bell: Sensex slips 200 points, Nifty also down by 55 points

Closing Bell: Sensex slips 200 points, Nifty also down by 55 points (Photo Credit: file photo )

New Delhi:

Market benchmark Sensex dropped 205 points on Tuesday, led by losses in auto, banking, metal and FMCG stocks amid a sharp fall in other Asian markets on concerns over a deadly virus in China. After trading on a volatile note, the 30-share BSE index settled 205.10 points, or 0.49 per cent, lower at 41,323.81.

Likewise, the broader NSE Nifty fell 54.70 points, or 0.45 per cent, to 12,169.85. Tata Steel was the top loser in the Sensex pack, shedding 3.01 per cent, followed by M&M, Maruti, Asian Paints, PowerGrid, ITC and Axis Bank. On the other hand, Ultratech Cement, HDFC, Kotak Bank, ONGC and TCS ended with gains.

According to traders, domestic investors turned wary amid subdued quarterly results by key index constituents and negative cues from global markets. Further, market sentiment was hit after the IMF on Monday lowered India’s economic growth estimate for the current fiscal to 4.8 per cent and listed the country’s much lower-than-expected GDP numbers as the single biggest drag on its global growth forecast for two years.

In the previous session, Sensex settled 416.46 points, or 0.99 per cent, lower at 41,528.91, and the Nifty sank 127.80 points, or 1.03 per cent, to 12,224.55. Meanwhile, on a net basis, foreign institutional investors bought equities worth Rs 5.87 crore, while domestic institutional investors offloaded shares worth Rs 1,419.85 crore on Monday, data available with stock exchanges showed.

Bourses in Shanghai, Hong Kong, Tokyo and Seoul ended with sharp losses. European markets were also trading on a negative note in their early sessions. Brent crude oil futures fell 1.21 per cent to USD 64.41 per barrel. The rupee depreciated 5 paise to 71.16 per US dollar (intra-day).

Gold Gains Rs 54 On Weaker Rupee, Global Cues

Gold prices rose Rs 54 to Rs 40,807 per 10 gram in the national capital on Tuesday due to a weaker rupee and global cues, according to HDFC Securities. The yellow metal had closed at Rs 40,753 per 10 gram on Monday. However, silver prices fell Rs 56 to Rs 47,804 per kg from Rs 47,860 per kg in the previous trade.

“Spot gold for 24 karat in Delhi was trading up by Rs 54, supported by a weaker rupee and early strength in global gold prices,” HDFC Securities Senior Analyst (Commodities) Tapan Patel said. The spot rupee was trading around 11 paise weaker against the dollar during the day, he added.

The rupee depreciated 6 paise to 71.17 against the US dollar in opening trade on Tuesday, tracking weak domestic equity market. In the international market, gold was trading at USD 1,559 per ounce, while silver was quoting at USD 18 per ounce on the COMEX.

In the global market, gold prices traded volatile with spot international gold prices at COMEX trading near USD 1,559, declining from the highs made near USD 1,568 for the day, Patel said. “Gold prices may trade sideways to up in the near term with support at USD 1,550 and resistance at USD 1,580,” he said.

(With inputs from PTI) 

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First Published : 21 Jan 2020, 03:41:52 PM