Sensex Stages Recovery After Falling Over 850 Points Led By Metal Stocks
NDTV
HDFC, Reliance Industries, ICICI Bank, HDFC Bank, State Bank of India and Kotak Mahindra Bank were among the biggest drags on the Sensex.
The Indian equity benchmarks staged partial recovery after moving sharply lower in Friday morning deals led by losses in HDFC, Reliance Industries, ICICI Bank, HDFC Bank, State Bank of India and Kotak Mahindra Bank. The Sensex fell as much as 880 points and Nifty 50 index dropped below its important psychological level of 17,650. Consistent selling by foreign institutional investors amid downgrade of Indian equities by global investment bank Morgan Stanley has dented the investors' sentiment towards Indian markets.
As of 9:46 am, the Sensex was down 292 points at 59,692 and Nifty 50 index plunged 76 points to 17,781.
Meanwhile, Asian shares and US stock futures slipped on Friday, as Amazon and Apple quarterly earnings bucked a recent strong trend and growth and inflation fears continued to weigh. MSCI's broadest index of Asia-Pacific shares outside Japan was down 0.3 per cent in early trading and was on track for a weekly loss of 1.3 per cent, snapping three weeks of gains. Japan's Nikkei reversed early losses to trade flat.
Back home, foreign institutional investors sold shares worth Rs 3,818.51 crore on Thursday while foreign institutional investors bought shares worth Rs 836.6 crore.
