Markets in red amid weak global cues

The benchmark stock indices, Sensex and Nifty, got pummeled by over 1% during Friday’s afternoon trade amid weak global cues.   Selling pressure is there in financial, IT, and capital goods stocks.

The benchmark indices were pulled down as a result of weak Asian markets and overnight losses in the US market, leading to a massive sell-off in financials, banking, IT, and capital goods shares.

Sectoral indices Nifty Bank and Financial Services fell 2%. Nifty IT and Media stocks are trading 1% lower. Nifty Auto and Metal are also trading under pressure.

At around 1.00 PM, BSE Sensex cracked 700 points and is currently trading at 59,105 points. NSE Nifty fell 1.04% at 17,407.50 points.

Tata Motors (+0.79%) and NTPC (+0.59%) are top Nifty gainers with only 1% uptick. BPCL (+0.51%), Power Grid (+0.44%) and Dr Reddy’s (+0.43%) are trading marginally higher.

Apollo Hospitals (-2.47%) is top NSE laggard, followed by Adani Enterprises (-2.39%). HDFC Bank (-2.32%), Axis Bank (-2.25%) and HDFC (-2.04%) are trading 2% lower.

A total of 39 stocks declined on the Nifty index, while 11 advanced.

Globally, Tokyo shares concluded the week on a negative note on Friday, ending a five-day winning streak, following the decision of the Bank of Japan to maintain its ultra-easy monetary policy. The Nikkei 225 index fell 1.67 percent, or 479.18 points, to close at 28,143.97.

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