After opening weak post-recovery in the second half of the previous trade session, the Indian indices extended its losses as both Sensex and Nifty lost near 1.2 per cent in the intraday trade. The BSE Sensex lost 462 points and closed just above 37,000 levels while the Nifty-50 index lost the psychological 11,000 levels and closed at 11,980 levels after losing 138 points on Thursday. The Bank Nifty index nosedived 508 points and closed at 28,367 levels, below the storing support at 28,450 levels. CARE Ratings, Magma Fincorp, Coffee Day Enterprise, Zydus Wellness and Inox Wind stocks were the top losing shares on Thursday while Ujjivan Financial, Ajanta Pharma, Reliance Infrastructure, Aegis Logistics and Trent stocks were the top losing shares in the intraday trade.

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Speaking on the current market outlook Simi Bhaumik, a SEBI registered technical equity analyst told Zee Business Online, "The market seems bearish as it has broken the yesterday close of 10,999 and sustained below this. Now, one can expect a further 40 to 100 points correction at Nifty-50 index. In BAnk Nifty, 28,450 was the major support and since this level has also been broken we can now expect the bank Nfty to go down further 200-250 points."

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Vivek Ranjan Misra, Head of Fundamental Research, Karvy Stock Broking said, “Global markets were expecting a more dovish Fed and are disappointed by mid-cycle adjustment this has led to a rise in the dollar (DXY was at 2 year high) this is not good for EM equities. For Indian equities, this is on top of the headwinds it has faced recently, like FII selling on account of tax proposals. There are other reasons as well, firstly the weakness in the economy has not abated, as evident by the core sector data and auto sales. Secondly, while some companies have reported good numbers, the vast number have been disappointing and commentary has not been encouraging. For Indian markets, the next important trigger is the RBI policy meeting next week, and any policy decision the government may take to stimulate the economy. We continue to believe that the economy should stabilize in Q2 FY 2019-20 and the markets should be in better shape in a couple of quarters.”

Metal stocks led the tank at Dalal Street as the BSE Metal index went down 3.35 per cent in the intraday trade. Metal major Vedanta share price crashed 5.61 per cent, shares of JSW Steel dipped 4.87 per cent, Hindalco Industries shares nosedived 4.3 per cent, Tata Steel went off 2.88 per cent, Steel Authority of India (SAIL) went down 1.87 per cent, National Aluminium Company or NALCO scrip went down 1.32 per cent while Jindal Steel & Power slipped 4.22 per cent.

Telecom stocks also witnessed heavy beating in the intraday trade as the BSE Telecom went down near 2.35 per cent on Thursday. Telecom major Bharti Airtel share price crashed 4.1 per cent, shares of Reliance Communications nosedived 4.32 per cent, Vodafone Idea stoks went down 3.22 per cent, Tata Communications counter went off 3.6 per cent while OnMobile Global slashed near 1.1 per cent.

Among Asian markets, the Japanese Nikkei 225 index ticked 0.09 per cent higher, South Korean Kospi dashed 0.36 per cent, Hang Seng rashed 0.78 per cent while the shanghai market went down 0.81 per cent.