Mumbai, July 19 (UNI) Despite opening at record highs, India’s benchmark indices slipped into red in no time as the selling pressure appeared mainly on weak global cues as the BSE Sensex crashed over 738 points to settle at 80,604.65.
The National Stock Exchange (NSE) index Nifty also slipped 269.95 points to 24,530.90.
The Sensex opened on a new peak at 81,585.06, surging 242 points. It was slightly up at 81,587.76, a day high. Later, it nosedived 844 points at 80,499.10, a day low, before closing at 80,604.65 down 738.81 pts from its previous close.
The stocks that dragged the market were Metal by 4.11 percent followed by BSE Commodities by 3.07 percent, Oil and Gas by 2.87 percent, Energy by 2.83 percent, and Power by 2.67 percent.
The Mid Cap and Small Cap indices were down by 2.31 percent and 2.22 percent respectively.
The market was under pressure even as the Foreign Institutional Investors (FIIs) had bought equities worth Rs 5483 crore in the last trading session, while the Domestic Institutional Investors (DIIs) had sold to the tune of Rs 2904 crore, according to data available.
According to sources in the trading communities, the market was under pressure due to weak global cues and concerns over new US-China trade tensions.
In 30 scrips, 4 advanced while 26 declined.
The losers were Tata Steel by 5.17 percent to Rs 157.75, JSW Steel by 4.63 percent to Rs 887, Tata Motors by 3.43 per ent to Rs 989.90, NTPC by 3.28 percent to Rs 365 and Ultracemco by 3.28 per cent to Rs 11268.10.
The gainers were Infosys by 1.92 percent to Rs 1792.85, ITC by 0.89 percent to Rs 474.30, Asian paints by 0.53 percent to Rs 2945.95, and HCL Technologies by 0.02 percent to Rs 1594.20.
Asian market were also weak as Hang Seng was down by 2.09 percent, Taiwan Weighted by 2.31 per cent, Kospi by 1.03 percent, and Strait Times by 0.68 percent.
