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Sensex logs 9th straight loss, crashes 372 points

Tuesday, May 14, 2019

Continuing their losing spell for a ninth session in a row yesterday, the BSE Sensex crashed over 372 points and the NSE Nifty dived nearly 130 points on sustained sell-off across the board.

The index widened its loss towards the fag-end on emergence of intense selling in heavyweights like ITC, RIL and ICICI Bank.

In percentage terms, however, Sun Pharma was the biggest loser with 9.39% drop. Intra-day, the pharma major's shares tanked over 20%.

Other top Sensex laggards were Yes Bank, Tata Steel and Indusind Bank -- falling as much as 5.58%.

After trading range-bound for most part of the day, the 30-share BSE benchmark saw steep plunge in the last hour and closed 372.17 points, or 0.99%, lower at 37,090.82. The index hit an intra-day low of 36,999.84 and a high of 37,583.57. Similarly, the broader NSE Nifty sank 130.70 points or 1.16% to settle at 11,148.20 points. During the day, the NSE gauge hit a low of 11,125.60 and a high of 11,300.20.

Among the gainers on the Sensex, HDFC topped the chart, rising 1.06%, after the mortgage lender posted a 26.8% rise in its standalone net profit at Rs 2,862 crore for the fourth quarter ended March 2019.

HUL, Infosys, Bajaj Finance, Coal India and Hero MotoCorp rose up to 0.87%.

Domestic investors kept weighing weak cues from global markets amid uncertainties around US-China trade tariff deal. Also, sustained foreign fund outflows kept investors edgy.

Bourses in China, Japan and Korea ended in the red tracking news related to US-China trade talks.

The United States has recently announced hike in duty on import of Chinese products worth more than USD 200 billion.

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