Sensex crashes 363 points; Handy ends under 11,600: things to know
NEW DELHI: Stock Indices Creaked Monday With The Benchmark BSE Sensex Diving Over 350 Points Amid Weak Global Signals. Sensex Popped 363 Points Or 0.93% To Close At 38,600 While It Was Broader NSE Nifty 114 Points Moved Or 0.97 Percent Lower To Establish At 11,598.
Major Laggards On The 30-share BSE Platform Include Yes Bank, Tata Motors, Tata Steel, Bajaj Finance, HDFC Twins (HDFC And HDFC Bank), IndusInd Bank And Reliance Industries With Their Shares Sliding As Much As 4.78 Per Cent. 24 Out Of 30 Stocks On The BSE Index Closed In Red.
On NSE, Except For Nifty IT, All Other Sub-indices Ended In Red With Nifty Media And Metal Falling The Most, Down As Much As 2.18 Per Cent.
These Were Factors That Have Drawn Both Indices:
US-China Trade Spewing
US President Donald Trump Threatened To Raise Tariffs At $ 200 Billion Worth Of Chinese Goods, Casting Doubts About Talks This Week That Were Largely Expected To Reach A Trade Accord
Tensions Sharply Escalated Between The World's Two Largest Economies When Trump Said Trade Talks With China Were Proceeding" Too Slowly" , And That Would Raise Tariffs On $ 200 Billion Of Chinese Goods To 25 Per Cent From 10 Per Cent.
The Trade War Formally Kicked Off In July Last Year With Tariffs On $ 34 Billion Of Chinese Imports, Which Were Followed By Tariffs On An Additional $ 16 Billion In August And Another $ 200 Billion In September. China Has Retaliated On Each Of These Measures With Its Own Set Of Tariffs.
Investors Also Turned Cautious Amid The Start Of The Fifth Phase Of 2019 General Elections. The Voting In 51 Constituencies, Spread Across 7 States, Ground At 7 Am. With This Phase, Election Will Be Over In 424 Seats And Polling In The Remaining 118 Seats Will Be Hero On May 12 And 19. And The Results Will Be Announced On May 23.
" As We Enter The Final Stages Of The 2019 General Elections, One Can Expect Volatility In The Market To Remain High," Hemang Jani, Head - Advisory, Sharekhan By BNP Paribas Told News Agency PTI.
The other reason that added to the fall could be the announcement of Q4 Numbers . Bharti Airtel, ICICI Bank, HCL Tech are scheduled to declare their March quarter results this week. Other prominent earnings figures are from Canara Bank, Indian Overseas Bank and Vedanta.
" Markets Are Expected To Remain Choppy In The Next Few Weeks Due To Quarterly Numbers Of Companies And Result Outcome Overhang," Jimeet Modi, Founder And CEO, SAMCO Securities And StockNote Told PTI.
Meanwhile, Foreign Institutional Investors (FIIs) Sold Equity Worth Rs 400.68 Crore On Friday, While Domestic Institutional Investors (DIIs) Purchased Shares To The Tune Of Rs 57.07 Crore, Provisional Data Available With Stock Exchanges Showed.