Economy

Sensex losses widen on weak global cues, down 112 points

Sensex losses widen on weak global cues, down 112 points”

Very next day, it was fell by une 2017, as sensex fell by 118.93 points at 31,190.56 owing to weakness in global stocks weighed on sentiment.

Investors' sentiment on Tuesday broadly titled towards political risks looming over United States and United Kingdom elections alongwith ex-FBI Director's testimony on Trump conversations.

Bourses staged a dramatic recovery on Wednesday post RBI policy outcome, though the RBI kept the repo rate steady citing risks to inflation, but raised lending capacity of banks to support economic growth.

Although the benchmark indices ended the session in the positive zone, overall sentiment remained muted. Furthermore, covering-up of short positions by bears too supported the late recovery in stocks, helping wipe off initial losses.

Additionally, the media reports suggesting that the Infosys founders are looking to offload their stake in the company further dampened sentiment.

The broader NSE Nifty ended 0.17 percent lower at 9,647.25.

Both the Sensex, and the Nifty, had hit record high in intraday trade on Tuesday last.

The 30-scrip Sensitive Index (Sensex) of the BSE, which opened at 31,196.86 points, provisionally closed at 31,262.06 points - up 48.70 points or 0.16 per cent from its previous close at 31,213.36 points.

Foreign portfolio investors (FPIs) bought shares worth a net Rs 90.78 crore, while domestic institutional investors (DIIs) had also bought shares worth a net Rs 738.78 crore as per provisional data.

Among sectoral and industry indices, IT dipped by 1.51 percent followed by FMCG 1.49 percent, Teck 1.19 percent, Power 1.10 percent and PSU 0.96 percent.

Financial stocks pushed the indexes higher, with Kotak Mahindra Bank (KTKM.NS) and HDFC Bank (HDBK.NS) driving the gains after the Reserve Bank of India made it easier for India's stressed banks to lend, cutting their statutory liquidity ratio by 50 basis points to 20 percent of total deposits from June 24.

The losers were: GAIL (down 5.31 per cent at Rs 380.95), ITC (down 4.06 per cent at Rs 306.20), Wipro (down 2.75 per cent at Rs 536.75), NTPC (down 2.74 per cent at Rs 157.90), and ONGC (down 2.73 per cent at Rs 169.15). The IT sub-index of NSE fell almost 1.2 per cent.



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