Mumbai, May 13:
Indian markets fell sharply today with Sensex and Nifty extending their declines to the ninth day. The US-China trade war continued to rock global financial markets. The Sensex fell 372 points to 37,090 while Nifty ended 1.2% lower at 11,148 – its longest losing streak since May 2011. The broader markets saw steeper declines with BSE midcap and smallcap indices falling 1.9% and 2.1% respectively.
Shares of IDFC First Bank slumped 13% after the lender reported second straight quarter of losses on account of higher provisioning.
HDFC shares rose 1% after the mortgage financier’s Q4 earnings beat the Street estimates. Just six out of the 30 Sensex stocks today managed to close in the green.
Shares of Sun Pharma today plunged 20% in a sudden fall in late trade before seeing some recovery at close. Shares fell to a 52-week low of ₹350.4 intraday on BSE as compared to their Friday’s close of ₹438 on Friday.
Among other Sensex stocks, Yes Bank shares fell 5.6%, Tata Steel 3.2%, IndusInd Bank 3.2%, Tata Motors 3%, L&T 2.8%, NTPC 2.75%, ITC 2.6% and ICICI Bank 1.73%.
“Weak IIP data and escalating trade war between the US and China weighed on the sentiment. Markets are currently facing headwinds from both local and global front. Nifty has slipped below the crucial support of 11,200 and now the next support exist around 11,000,” said Jayant Manglik, president of retail distribution at Religare Broking.
Sameet Chavan, chief analyst for technical and derivatives at Angel Broking, said today Nifty breached the strong support zone around 11,250-11,200 and “now, the final ray of hope is around 11,100–11,050, which is a combination of 61.8% retracement as well as the ‘200-SMA’ on daily chart.”