Mumbai, May 18 (PTI) Equities went into a tailspin today
after a three-session surge, with benchmark Sensex plunging
224 points and Nifty closing below 9,500, as global markets
were roiled by the latest crisis surrounding US President
Asian markets nosedived, tracking the biggest single-
session slump in US shares in eight months yesterday on fears
that the controversy over the firing of the FBI chief may
scuttle Trump’s pro-business agenda and even lead to his
impeachment, brokers said.
The global volatility added to the caution in domestic
market, which was already in an over-bought position following
the recent record-setting spree and succumbed to profit
booking, they added.
The 30-share Sensex stayed in the negative zone
throughout the session and hit a low of 30,393.72, before
settling at 30,434.79, down 223.98 points or 0.73 per cent.
It had gained 470.62 points back-to-back in the previous
three sessions to hit record highs.
Likewise, the 50-scrip NSE barometer Nifty plunged 96.30
points, or 1.01 per cent, to close at 9,429.45 after shuttling
between 9,418.10 and 9,489.10.
Foreign portfolio investors (FPIs), after remaining
buyers for the past few sessions, sold shares worth a net Rs
731.39 crore yesterday, as per provisional data. Domestic
investors, on the other hand, purchased shares worth a net
Rs 614.51 crore.
“Market reacted to the headwinds surrounding the US
political climate and its concerns over the upcoming US
“Since the underlying domestic fundamentals are good, the
market participants are likely to get back on every
consolidation,” said Vinod Nair, Head of Research, Geojit
In the Asian region, Hong Kong’s Hang Seng fell 0.62 per
cent, Japan’s Nikkei lost 1.32 per cent, while Shanghai
Composite Index shed 0.46 per cent.
London’s FTSE fell 1.42 per cent in early deals
while Frankfurt’s DAX shed 1.04 per cent and Paris CAC 40 lost
1.30 per cent.
Among Sensex constituents, Tata Motors emerged the
biggest loser by falling 2.55 per cent, followed by Axis Bank
at 2.15 per cent.
Bajaj Auto ended 1.94 per cent down after the company
posted a 15.48 per cent dip in its net profit at Rs 802 crore
for the fourth quarter ended March 31, 2017.
Other losers were Dr Reddy’s, M&M, L&T, HUL, RIL, ONGC,
Maruti Suzuki, SBI, Bharti Airtel, ITC Ltd and Tata Steel.
Wipro, TCS, Infosys, Lupin, Sun Pharma and Asian Paints
made headway on sustained buying and cushioned the fall.
Sectorally, the BSE realty index suffered the most by
losing 3.12 per cent, followed by metal (2.76 per cent), power
(2.14 per cent), capital goods (2.09 per cent), consumer
durables (2.08 per cent), auto (1.98 per cent), PSU (1.60 per
cent), FMCG (1.54 per cent), oil&gas (1.52 per cent), bank
(1.25 per cent) and healthcare (0.85 per cent).
The broader markets too succumbed to profit-booking. The
BSE mid-cap index fell 2.16 per cent, while the small-cap
index shed 2.04 per cent.
Market breadth continued to be negative as 2,059 stocks
closed lower, 687 finished higher while 164 ruled steady.
The total turnover on BSE amounted to Rs 4,309 crore,
lower than Rs 6,808.38 crore registered during the previous
This is published unedited from the PTI feed.