Sensex Ends 435 Points Lower; Automobile And Banking Stocks Witness Selling

Indian share markets witnessed selling pressure throughout the day today and ended on a negative note.

Benchmark indices witnessed volatility for the fourth straight session led by losses in banks, metal, and auto stocks. Weakness in global markets also weighed on investor sentiment.

At the closing bell, the BSE Sensex stood lower by 435 points. The NSE Nifty ended down by 137 points.

Amid heavy selling in financial services, private banks, and automobile stocks, the Sensex fell as much as 700 points in intraday trade.

IndusInd Bank was among the top gainers today. ONGC, on the other hand, was among the top losers today.

SGX Nifty was trading at 15,002, down by 113 points, at the time of writing.

The BSE Mid Cap index and the BSE Small Cap index ended down by 1.7% and 0.8%, respectively.

All sectoral indices ended on a negative note with stocks in the automobile sector, metal sector, and banking sector witnessing most of the selling pressure.

Shares of Tejas Networks and New India Assurance hit their respective 52-week highs today.

Asian stock markets pulled back from all-time peaks as bond yields and underwhelming US data dented investor confidence in a faster economic recovery from the Covid-19 pandemic.

As of the most recent closing prices, the Nikkei ended down by 0.7% and the Hang Seng ended up by 0.2%.

US stock futures are trading higher today. Nasdaq Futures are trading up by 43 points (up 0.3%), while Dow Futures are trading up by 59 points (up 0.2%).

The rupee is trading at 72.55 against the US$.

Speaking of the current stock market scenario, note that the BSE Sensex crossed the 52,000-mark earlier this week on Monday for the first time. Sensex's P/E ratio is at a two-decade high of 36x.

Have a look at the chart below which shows Sensex P/E over the years.

In news from the commodity space, domestic gold and silver prices continued to decline as global gold rates also softened amid rising US bond yields.

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

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