100th Day Of Lockdown

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Business Market 29 Sep 2018 Markets post steepes ...

Markets post steepest monthly dip

DECCAN CHRONICLE.
Published Sep 29, 2018, 12:48 am IST
Updated Sep 29, 2018, 12:48 am IST
At NSE, shares of the company tumbled 70.82 per cent to close at Rs 58.45.
According to the provisional data released by the stock exchanges, foreign portfolio investors (FPIs) sold shares worth Rs 1,699 crore on Wednesday.
 According to the provisional data released by the stock exchanges, foreign portfolio investors (FPIs) sold shares worth Rs 1,699 crore on Wednesday.

Mumbai: Ending the day in red, the equity markets posted their biggest monthly loss since February 2016 as investors remained wary about financial sector stocks amidst rise in cost of funds and delinquencies. The Nifty closed the session at 10,930.45, down 47.10 points or 0.43 per cent while the Sensex closed the session at 36,227.14, down 97.03 points or 0.27 per cent.   

On a monthly basis, the Nifty dropped 6.42 per cent while the Sensex lost 6.26 per cent in September as fear about default and liquidity concerns in the NBFCs sparked a major sell-offs in financial sector firms with housing finance companies taking a massive hit. 

 

This is the fourth consecutive weekly loss for the markets with the Nifty correcting almost 8 per cent from its record high touched last month. Financial stocks also remained under pressure as investors turned cautious ahead of RBI’s monetary policy meet next week. Market participants are expecting a 25 basis point hike in interest rates in the backdrop of a challenging external and domestic environment. 

According to the provisional data released by the stock exchanges, foreign portfolio investors (FPIs) sold shares worth Rs 1,699 crore on Wednesday. 
The biggest loser among the Nifty constituents was Yes Bank down 9.42 per cent followed by India Bulls Housing Finance, which lost 9.01 per cent. 
Meanwhile, shares of internet software and services firm Infibeam Avenues nosedived nearly 71 per cent on Friday.

The stock crashed 70.24 per cent to settle at Rs 58.80 on BSE. During the day, it plunged 72.76 per cent to Rs 53.80 — its 52-week low. At NSE, shares of the company tumbled 70.82 per cent to close at Rs 58.45.

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