Sensex slips over 500 points; Nifty holds 10,600-mark

The fall can be attributed to uncertainty over state elections outcome, the ongoing OPEC meet's outcome, and the Reserve Bank India board's decision on Prompt Corrective Action (PCA) today.

Dec 06, 2018 09:12 IST India Infoline News Service

Equity benchmark indices were trading in the red with the Sensex plunging 539 points to 35,345 levels, while the Nifty slumped 174 points to trade at 10,608 levels, struggling to hold its key level of 10,600.

The fall can be attributed to the uncertainty over the outcome of state polls. Investors are also awaiting the Reserve Bank India board's decision on Prompt Corrective Action (PCA) today. Further, a decline in the global equity markets has led to a selloff in the domestic market. Equity markets in Asia declined as investors were cautious ahead of the Organization of the Petroleum Exporting Countries (OPEC) and its allies meeting in Vienna. Market participants are widely expecting OPEC+ to vote for trimming the crude oil output. 

All sectoral indices on the NSE were trading in the red with Nifty Realty, PSU Bank, Auto, and IT indices slumping 2% each, followed by Metal and Pharma indices, which declined 1% each.

Further, among stocks Indiabulls Housing Finance, Tech Mahindra, Maruti, Grasim, and HCL Tech were leading the loser’s group on the NSE. Conversely, Sun Pharma, UPL, Hindustan Petroleum, JSW Steel, and Power Grid managed to gain the most.

Besides, India VIX, a volatility Index which measures the market’s expectation of volatility in the near term, gained 5.5%.

On the currency front, the Indian rupee was back to 71/$. It is currently trading at 71.01 against the greenback vs. its previous close of 70.46 per dollar.

Related Story