NEW DELHI: Extending its losing spree into the sixth session, the domestic equity market ended Wednesday’s session in the red. The resignation of White House chief economic advisor Gary Cohn on Tuesday unnerved investors across the globe, including India.
The former Goldman Sachs president and free trade advocate Cohn decided to quit after the US President Donald Trump announced stiff tariffs on steel and aluminium imports.
The S&P BSE Sensex shed 284 points or 0.85 per cent to end at 33,033 whereas NSE Nifty went home with nearly 100 points cut at 10,154.20.
Here’s a look at the top newsmakers of the session:-
Banks continue to bleed
Financials once again emerged as the biggest drag to the market as aggressive selling was witnessed in all types of banks. The Nifty PSU Bank index took a huge 3.57 per cent cut to end at 2,831 with all the 12 constituents ending in the red. The Nifty Private Bank index dropped over 1 per cent to 13,704. The Nifty Bank index plunged 314 points or 1.24 per cent to end at 24,134. Out of 12 constituents that ended in the red, Canara Bank fell 6.55 per cent, SBI 4 per cent and IDFC Bank 3 per cent.
Union Bank hits 11-year low
Shares of state-owned Union Bank of India fell to 11-year low in the trade. The stock hit a low of Rs 93.65 apiece in the intraday trade before settling at Rs 96 on BSE, down 1 per cent.
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Block deals
Nearly 15 lakh shares of Petronet LNGBSE 0.17 % changed hands in a block deal. The stock settled flat at Rs 234.35 apiece, up 0.17 per cent on BSE. This apart, about 45.3 lakh shares of Bharti Infratel changed hands in two block deals. The stock finally ended the session nearly 1 per cent lower at Rs 329.30 apiece on NSE.
Govt pitches for a rating upgrade
The government has reiterated its pitch for a sovereign rating upgrade to Fitch, citing strong economic fundamentals, a finance ministry official said after a meeting with the global rating agency on Wednesday. Fitch rates India as BBB-, the lowest investment grade sovereign rating, with a stable outlook.
Spurt in open interest
Adani Enterprises witnessed the biggest spurt in open interest at 34.05 per cent, followed by Amara Raja Batteries (19.73 per cent) and Torrent Pharma (17.77 per cent).
FMCG only pocket in green
NIFTY FMCG index was the only pocket that ended in the positive territory on BSE. The index rose 169 points or 0.65 per cent to 26,061.10 with 10 out of 15 constituents ending in the green.
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