Markets face heavy fluctuations; settle lower taking downtrend to 4th day
The Hindu
In Asian markets, Seoul, Tokyo, Shanghai, and Hong Kong settled in the positive territory.
Equity benchmark indices Sensex and Nifty faced heavy volatility on April 18 and ended lower, taking their losing streak to the fourth straight session, dragged by bank stocks and foreign fund outflows.
Concerns over fading rate cut hopes and persisting FII fund exodus from domestic equities also dampened investors' sentiment.
The 30-share BSE Sensex declined abruptly post noon, reflecting heavy fluctuations, wiping out all its early gains. It tanked 454.69 points or 0.62% to settle at 72,488.99. During the day, it gyrated 1,107.38 points between the day's high and low.
The benchmark quoted 73,135.5 at 13:31 hours but within two minutes it declined to 72,817.03 at 13.34 hours, reflecting a drop of 318.47 points.
The NSE Nifty declined 152.05 points or 0.69% to 21,995.85. It hit a high of 22,326.50 and a low of 21,961.70 during the day.
From the Sensex basket, Nestle declined the most by over 3% amid reports that the global FMCG major sold infant milk products with more sugar content in less developed countries.
Titan Company, Axis Bank, NTPC, Tata Motors, ITC, Tech Mahindra, Bajaj Finserv, ICICI Bank, HDFC Bank and Bajaj Finance were the other laggards.
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