Indian shares ended at a low of 11,100 level since March 2019. And the benchmark indices were dragged down because of banking, metal and auto indices. Nifty ended below 11,100 level for the first time since March this year.
Sensex ended at 289 points lower at 37,397. On the other hand, Nifty50 index lost 104 points to end up at 11,085. Also in the broader markets, the Nifty Midcap fell 2%. Bharti Airtel, TCS, HCL, and L &T managed to hold the profits. But on the other hand Hero Motocorp, YES bank, IndusInd Bank, and State Bank of India slipped down. Nifty50 slipped below its 200 – DMA level.
Also the Nifty PSU bank took the hit and went down by 5% on SGX Nifty chart, followed by Nifty Metal index which is down by 3.25%. And the Nifty Auto Index and Nifty Bank, both are down by 2%, and 1.5% respectively. Along with this, the Nifty media fell 2.2% for the day. But the Nifty IT rose by 0.8% for the day.
The surprising thing is out of the 11 sectoral indices, 10 sectors delivered poor returns and only one gained in the last month. Nifty media was the only sector that saw positive gains this month as compared to others that failed.
From the 10 declining sectors, 3 had double digit percentages. The Nifty Auto was at 13%, followed by Nifty metal at 14%, followed by PSU bank at 11%.
There are several changes in the market, like Asian stocks higher ahead of Fed, pound under pressure due to the new Brexit plan, and Rupee opening weaker versus yesterday’s close. Also US stocks back off record highs ahead of Fed Meeting in Wednesday. Plus the oil prices also rose after the expected US interest rate cut.
