Sensex sinks 360 points as Saudi purge stokes inflation fears

11 November, 2017, 01:54 | Author: Genevieve Gibbs

"Gains were, however, capped as refiners such as Reliance Industries tumbled after oil prices gained overnight". However, it succumbed to profit-booking in late afternoon trade and slumped to a low of 33,157.68, before ending the session down by 151.95 points or 0.46 per cent at 33,218.81.

Shares of Mahindra Logistics Ltd fell as much as 2.1 per cent on its market debut on Friday after the company raised 8.3 billion rupees ($128 million) via an initial public offering last week.

Similarly, the 50-share NSE index Nifty slumped 47 points or 0.45 per cent to close at 10,303.15 after shuttling between 10,384.25 and 10,285.50.

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"The biggest area of concern right now is crude oil (prices)".

On the currency front, the rupee strengthened by 7-8 paise to close at 64.95-96 against the USA dollar from its previous close at 65.03.

Drug firm Lupin was the worst performer in the Sensex pack, crashing 16.84 per cent to close at its 52-week low after the company said it has received warning letter from the USA health regulator for its manufacturing facilities in Goa and Indore.

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Top five Sensex gainers were Axis Bank (+3.41%), Asian Paints (+2.51%), Cipla (+2.07%), Sun Pharma (+1.89%) and Coal India (+0.97%), while the major losers were Bharti Airtel (-3.73%), Tata Motors (-2.92%), State Bank of India (-2.35%), Lupin (-2.09%) and ICICI Bank (-2.05%).

Provisional data with the exchanges showed that foreign institutional investors sold stocks worth Rs 713.75 crore while domestic institutional investors invested in scrips worth Rs 231.25 crore.

At 10:19 am, 37 stocks on the Nifty 50 were trading in the positive zone. Hong Kong's Hang Seng climbed 0.6 per cent.

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Sector-wise, the BSE metal index suffered the most by falling 1.55 per cent, followed by energy (1.50 per cent), telecom (1.49 per cent), oil & gas (1.30 per cent), PSU (1.21 per cent), realty (0.99 per cent), consumer durables (0.88 per cent), power (0.72 per cent), auto (0.67 per cent), bankex (0.52 per cent) and infrastructure (0.38 per cent). The UK's FTSE too inched up by 0.07 per cent.

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