Sensex Falls Over 420 Points, Nifty Down Over 140 Points on Negative Global Cues
Mumbai, September 25: The markets were in the red zone on Monday. The Sensex dropped by 287.50 points while Nifty was seen below the 9,900 mark. Nifty fell by 0.8 per cent as 596 shares this morning declined against 423 on the Bombay Stock Exchange (BSE).
All sectoral indices were in the red, dragged down by capital goods, metal, consumer durables and healthcare, falling by up to 2.03 per cent.
Traders said that apart from continuous foreign funds outflows, selling by retail investors amid lingering North Korea tensions led to a further drop in the Sensex.
At 1:57 pm: Both Sensx and Nifty have weakened further on global cues. While Sensex fell over 420 points to 31,498 while Nifty was also over 140 points down at 9823. According to reports, experts are expecting an increase increase in fiscal deficit post likely fiscal stimulus.
At 1:12 pm: Sensex was down by over 330 points at 31,571 points, while Nifty fell below 9900, down by over 110 points. This came due to negative global cues on the back of prevailing geo-political tensions, coupled with heavy selling pressure in index heavyweights like Adani Ports, Tata Steel and Larsen & Toubro.
Foreign portfolio investors (FPIs) sold shares worth a net Rs 1,241.73 crore on Friday, showed provisional data released by the stock exchanges.
Major losers pulling down the key indices were Adani Ports, Lupin, Axis Bank, Tata Steel, SBI, L&T, Kotak Bank, Maruti Suzuki, Sun Pharma, Hero MotoCorp, Coal India and ONGC, declining up to 3.14 per cent.
The indices would be eyeing the National Executive meeting of the Bhartiya Janata Party (BJP) where Prime Minister Narendra Modi is expected to address party workers. Modi is expected to make a huge announcement on reviving the economy, reports said.
With inputs from PTI