Sensex loses over 162 points, Nifty slips below 11,500

Friday morning the Benchmark equity indices opened in an absolute negative note. S&P BSE Sensex further plunged to 162.
55 or 0.43% to trade at 38,080.26. The broader Nifty50 slipping below 11,500 mark and started trading at 11,499.30, down 24.60 points or 0.21 per cent.

Investors feared a new salvo to hit the market because of the ongoing US-China trade war, resulting in a 14 month low on Friday. Moreover, the tech-heavy region was shaken because of the slump in the US chip stock.

Main losers on Sensex pack in the morning session were Sun Pharma, YES Bank, SBIN, ICICI Bank, Vedanta and Power Grid. Main laggards on Nifty pack were India Bull Housing Finance (-0.75%), Grasim (-0.58%), SBIN (-0.52%), Tata Motors (-0.48%) and Bajaj Finance (-0.44%).

In global commodity markets, the US data pointed that gasoline inventories rose unexpectedly last week, resulting in crude oil to be subdued after falling more than 1 percent on Thursday. Also, the fall in the US dollar left gold and sliver higher at $1,202.81 an ounce.

However amidst the turmoil, the major gainers major gainers in the 30-share Sensex pack in the session were Bajaj Auto, Hero Motor Corp, Mahindra & Mahindra, Tata Motors, Hindustan Unilever and Coal India. UPL (+0.42%), Hindalco (+0.17%), Lupin (+0.11%), Dr Reddy’s (+0.06%) and ZEEL (+0.06%) led the pack of Nifty gainers.

On the hindsight, showing a ray of hope, the stock markets closed on a marginally higher note on Thursday. It was led by phrma, energy and commodity stocks. The NSE Nifty rose 59 points, to settle at 11,536BSE, where as benchmark index Sensex gained 224 points to end at 38,242.

Also read: Sensex trades flat, indices show range bound; Niftly tests 11,500