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Rediff.com  » Business » Sensex slips over 150 pts; financial, energy stocks drag

Sensex slips over 150 pts; financial, energy stocks drag

October 30, 2018 17:47 IST

In the Sensex pack, index heavyweight Reliance Industries fell 2.84 per cent to Rs 1,057.15 after reports that the company's oil assets may take a hit due to the government's imposition of cost controls on soaring petrol and diesel prices.

Illustration: Uttam Ghosh/Rediff.com

The BSE Sensex on Tuesday fell over 176 points on emergence of heavy selloffs mainly in financial and energy sector stocks as caution prevailed among market participants in view of mixed quarterly earnings and upcoming trade tariff talks between the US and China.

 

The 30-share benchmark index fell 176.27 points, or 0.52 per cent, to close at 33,891.13; while the broader NSE Nifty lost 52.45 points, or 0.51 per cent, to end at 10,198.40.

Markets globally are keenly awaiting the US response next month how it goes with tariffs on all remaining Chinese imports.

Besides, mixed corporate earnings so far did not help in sustaining last session's positivity on the domestic bourses.

The benchmark indices Sensex and Nifty Monday rose over 718 points and 220 points, respectively.

Global markets continue to witness mixed activity with a negative bias and volatility remains high as the market struggled to find its bottom and define further course.

Weak global cues and selling pressure in stocks that unveiled below expected results dragged the indices.

“Drop in oil prices will provide leeway to maintain support in the market while triggers like upcoming trade talks between the US and  China give more cues to investors," Vinod Nair, head of research, Geojit Financial Services Ltd, said.

In the Sensex pack, index heavyweight Reliance Industries fell 2.84 per cent to Rs 1,057.15 after reports that the company's oil assets may take a hit due to the government's imposition of cost controls on soaring petrol and diesel prices.

Other top losers were IndusInd Bank, HDFC, HDFC Bank, Kotak Bank, Coal India and Sun Pharma, falling up to 3.5 per cent.

While, Infosys, HUL, SBI, TCS and Tata Motors bucked weak market trend and rose up to 2.48 per cent.

Mid and smallcap shares outperformed larger peers as the BSE MidCap and SmallCap indices rose nearly 1 per cent each.

Shares of sugar manufacturers jumped up to 10 per cent during the session after industry body ISMA said sugar output may fall by 3 per cent to 31.5 million tonnes in the current marketing year due to untimely rains and pest attacks on cane crop.

Oil prices fell marginally on Tuesday. Brent crude oil futures were down 11 cents at $76.75 a barrel.

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