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Sensex, Nifty Tumble Amid Global Selloff

Sensex, Nifty Tumble Amid Global Selloff

Other than locking in profit by investors, political as well as economic uncertainties stemming from US President Donald Trump's recent executive decisions had their bearing on the market direction. However, global volatility arising out of political developments in the U.S. and emerging markets like Brazil held back the gains, brokers said.

The 30-share index stayed in the negative zone throughout the session and hit a low of 30,393.72, before settling at 30,434.79, down 223.98 points or 0.73 percent. "With currencies remaining volatile and with the monthly derivatives expiry approaching, investors chose to lock in gains on the last working day of the week".

Mumbai: Benchmark Sensex ended in the green at 30,464 in see-saw trade Friday as FMCG counters buzzed following finalisation of GST rates for bulk of the items.

All sectoral indices flashed red, down by up to 1.19 per cent, with realty, consumer durables, bank and auto registering much losses. Back home, SBI shares gained 1.72 per cent after the net profit of the country's largest lender more than doubled to Rs 2,814.82 crore for the March quarter.

Smaller rival Bank of Baroda, a constituent of the Nifty, rose 0.4% to 188.55 rupees on Friday and 1.1% for the week. The stock is trading at around Rs 292 per share higher by close to 5% as of 0941 hours on Friday.

Sentiment was also bolstered by the progress on the GST front, with the GST Council finalising rates for most goods.

More news: U.K. Minor Parties Slam 'Extreme' Brexit in Debate May Avoided

Hindustan Unilever Ltd. (HUL), the Indian subsidiary of Anglo-Dutch FMCG company Unilever, posted 6 percent growth in standalone net profit for the fourth quarter (Q4) at Rs 1,183 crore while revenues grew 6.7 percent to Rs 8,969 crore aided by 8 percent volume growth.

Energy companies were among the top losers for the week.

However, Asian Paints fell 2.43 per cent, Gail India 1.48 per cent, M&M 1.35 per cent, HDFC 1.16 per cent, TCS 1.08 per cent, Power Grid 1.06 per cent, Hero Motoco 0.96 per cent and Dr Reddy's 0.83 per cent.

The Sensex was up by 76.17 points or 0.25 per cent at the Wednesday's closing.

Japan's Nikkei was down 0.16 per cent, Hong Kong's Hang Seng advanced 0.15 per cent and Taiwan Weighted was down 0.04 per cent. The US Dow Jones Industrial Average ended 0.3% higher on Thursday.

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