Sensex ends 181 points down; Nifty below 10,250

NEW DELHI: Markets on Monday erased all features posted in early classes to complete nearly 200 points decrease as banking shares tracked heavy losses. The benchmark BSE Sensex closed 181 points down at 34,134, whilst the wider NSE Nifty misplaced 58 points to settle at 10,245.

Both the indices misplaced extra the zero.five per cent every. On BSE, IndusInd Bank, Reliance Industries, Asian Paints, Kotak Mahindra Bank, Yes Bank have been some of the major losers with their shares declining up to 6.95 per cent.

On the NSE index, Nifty Media, Metal and PSU Bank sub-indices witnessed losses up to 1.49 per cent.

"The ongoing turmoil led by financial crunch in the domestic economy, global risk-off and worries over upcoming elections are likely to maintain it's burden in the equity market. At the same time, it is possible that a good portion of the above mentioned risk factors have been digested by the market and the upcoming impacts will depend on developments like stability in global bond yield and trade war," mentioned Vinod Nair, Head of Research, Geojit Financial Services.

Markets had been battered through a series of issues, together with higher crude prices, depreciating rupee and up to date defaults at a major non-banking financial corporate (NBFC). Liquidity has additionally been going through a crunch, including to woes.

“Sentiment stays weak. Markets do open undoubtedly with a gap up, but pessimism over crude, rupee and the NBFC sector stays... People are scared of what can come after IL&FS, given the problems in builder community and tightness in cash market,” mentioned Saurabh Jain, assistant vice-president-research at SMC Global Securities.

Market could also be seeing some sectoral rotation, he added.

(With inputs from businesses)
Sensex ends 181 points down; Nifty below 10,250 Sensex ends 181 points down; Nifty below 10,250 Reviewed by Kailash on October 23, 2018 Rating: 5
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