Sensex, Nifty Decline Led By Losses In Banking, Financial Services Shares

By Administrator_ India

Capital Sands

The Indian equity moved lower on Friday on the back of weak global cues after Asian shares tumbled to two-month lows on Friday and were set for their worst weekly performance since February as confidence took a beating over the global spread of the Delta virus variant and worries it could stall a worldwide economic recovery. The Sensex fell as much as 341 points and the Nifty 50 index fell below its important psychological level of 15,650 paced by losses in HDFC Bank, Reliance Industries, ICICI Bank, HDFC, and Axis Bank.

As of 9:27 am, the Sensex was down 273 points at 52,295 and the Nifty 50 index slipped 66 points to 15,661.

MSCI’s broadest index of Asia-Pacific shares outside Japan slipped 0.9 percent to 667.99, a level not seen since mid-May. For the week so far, the index is down 3.2 percent, the biggest decline since early February.

Japan’s Nikkei slid 2 percent. Chinese shares were weaker too with the blue-chip CSI300 index off 1.2 percent.

Back home, selling pressure was broad-based as nine of 11 sector gauges compiled by the National Stock Exchange were trading lower led by the Nifty Private Bank index’s over 1 percent decline. Nifty Bank, Auto, Financial Services, Media, PSU Bank, and Realty indices were also trading lower.

On the other hand, metal and pharma shares were witnessing buying interest.

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