Oil worries make markets nervous, Sensex gives up 216 pts
Taking a cue from global downtrend following softer oil prices, the Sensex slipped 216 points, weighed down further by weakness at Tata group counters in the wake of removal of Cyrus Mistry as its chairman.business Updated: Oct 26, 2016 12:17 IST
Taking a cue from global downtrend following softer oil prices, the Sensex slipped 216 points, weighed down further by weakness at Tata group counters in the wake of removal of Cyrus Mistry as its chairman.
Investors sold shares, mainly in banking, FMCG, finance, healthcare.
The BSE Sensex opened lower at 28,050.55 and traded at 27,875.80 at 1100 hours, down 215.62 points, or 0.77 per cent.
Tata group stocks reeled under the impact of the shake-up. Tata Motors, Tata Steel and TCS all fell by up to 2.01 per cent.
The 50-share Nifty was also down 54.54 points, or 0.63 per cent, at 8,636.80 at 1100 hours.
Axis Bank slumped 7.79 per cent, ICICI Bank 3.37 per cent, Asian Paints 2 per cent, Adani Port 1.42 per cent and HDFC 1.16 per cent.
However, Bharti Airtel went up 2.73 per cent, followed by Hero MotoCorp, Bajaj Auto and M&M.
Closer home, foreign portfolio investors (FPIs) sold shares worth a net Rs 606.34 crore yesterday, as per provisional data released by the stock exchanges.
Asian stocks turned weaker reflecting losses in the US overnight, which was pulled back by disappointing earnings.
US stocks finished lower yesterday, giving up some of the previous day’s advance, as worries about a slip in consumer confidence reading weighed on market sentiment.