Sensex Ends 164 Points Lower; Auto And Telecom Stocks Witness Huge Selling

India share markets witnessed selling pressure during closing hours and ended their day in the red.

At the closing bell, the BSE Sensex stood lower by 164 points (down 0.4%) and the NSE Nifty closed down by 54 points (down 0.5%).

The BSE Mid Cap index ended the day down 0.2%, while the BSE Small Cap index ended the day up 0.1%.

Sectoral indices ended on a mixed note with stocks in the auto sector and telecom sector witnessing most of the selling pressure.

The rupee was trading at 71.32 against the US$.

Asian stock markets finished on a mixed note. As of the most recent closing prices, the Hang Seng was down by 0.26% and the Shanghai Composite was up by 0.75%. The Nikkei 225 was also up 0.75%.

European markets were also trading on a mixed note. The FTSE 100 was down by 0.05%. The DAX was trading up by 0.04%, while the CAC 40 was down by 0.15%.

In the news from the power sector, as per a leading financial daily, finance and power ministries are in advanced talks to merge smaller power companies with NTPC and NHPC.

The news report said that NTPC or NHPC may takeover smaller power companies such as Tehri Hydro Development Corporation (THDC), SJVN and North Eastern Electric Power Corporation (NEEPCO). THDC is a joint venture between the Centre and UP government.

NTPC share price and NHPC share price were in focus today on the back of above news.

How this development pans out remains to be seen. Meanwhile, we will keep you updated on all the news from this space.

In other news, the offer for sale (OFS) for Reliance Nippon Life Asset Management (RNAM) got 24% retail bids while that of SBI Life received 15% institutional bids by noontime today.

SBI Life's institutional quota was subscribed 15% at 47,53,576 shares against the base size of 3,15,00,000 shares.

Moving on to the news from the automobile sector... While Finance minister Nirmala Sitharaman said that millennials preferring taxi aggregators like Ola and Uber could be one of the reasons for the crisis in the auto sector, India's largest carmaker Maruti Suzuki today said that cab aggregators may not be a big factor in the slowdown.

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Disclaimer: Equitymaster Agora Research Private Limited (Research Analyst) bearing Registration No. INH000000537 (hereinafter referred as 'Equitymaster') is an independent equity research ...

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