Share benchmarks reeled lower on Wednesday with the pressure intensifying at the end hours of trade; led by metal, O&G, capital goods, bank, power and utilities stocks. Trade war worries, surge in crude oil prices and falling rupee spooked investors’ sentiment.
The Sensex plunged by 272.93 points settling at 35,217.11, whereas the NSE index Nifty fell 97.75 points to close at 10,671.40.
Broad-based selling momentum picked up with Nifty Midcap50 Index closing 1.97 percent lower. Nifty IT and Nifty Pharma were the two sectoral indices that kept up ending the session in green, rising up 0.54% and 0.17% respectively.
Nifty PSU Bank index slips 2.43 percent with IDBI Bank, Syndicate Bank, Bank of India, Andhra Bank falling upto 7.16% as the top losers in the index.
Oil companies namely BPCL cracked 8.33 percent, while HPCL and IOC tanked upto 7.87 percent featuring as the top losers in the Nifty index.
Meantime, the domestic currency plunged by 30 paise to hit a nineteen-month low of 68.54 against the American currency today over worries that higher crude oil prices will deteriorate fiscal balance and hasten inflation.
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