Sensex Drops Over 800 pts, Nifty Near 16,250; IIFL Surges 8%

Indian stock markets opened in deep red amid weak global signals on Friday morning. Indexes fell more than 1 percent, tracking global indices, Sensex fell more than 600 points, and Nifty near 16,300 points. Among the Sensex-30 stocks, losses were led by Wipro, Tata Steel, Infosys, Tech M, Kotak Bank, Bajaj Finance and TCS, which fell 2.6 percent. Meanwhile, NTPC and PowerGrid were the only losers.

On the flip side, NTPC, PowerGrid, Titan, Maruti, Tata Consumer, Bajaj Auto and HeroMoto were a handful of winners in these two benchmarks.

In the broader markets, the BSE MidCap and SmallCap indexes were also in negative territory, dropping to 1 percent.

On the sectoral front, all indicators suffered losses. Nifty Metals and IT fell the most, dropping to 1.7 percent. Nifty Banks, Financials, Pharma and PSBs were the other notable factors.

Among stocks, IIFL Finance rose about 5 percent, defying a weak market. The company’s wholly owned subsidiary IIFL Home Finance has entered into a definitive agreement to raise Rs 2,200 crore for a 20% stake in the Abu Dhabi Investment Authority (ADIA).

global signals

US stocks sold sharply on Thursday as investor anxiety mounted ahead of data on Friday expected to show consumer prices remained elevated in May. The Dow Jones Industrial Average fell 638.11 points, or 1.94 percent, to 32,272.79. The S&P 500 lost 97.95 points, or 2.38 percent, to 4,017.82. The Nasdaq Composite Index fell 332.05 points, or 2.75 percent, to 11,754.23 points.

Tokyo stocks opened lower on Friday, tracking declines on Wall Street, as investors cautioned ahead of key US inflation data due later in the day. The benchmark Nikkei 225 index fell 1.03 percent, or 290.31 points, to 27,956.22 in early trading, while the broader Topix index fell 1.01 percent, or 19.82 points, to 1949.23 points.

Asian stocks tracked lower on Wall Street on Friday, while the dollar held onto overnight gains, after European Central Bank interest rate hike guidance and highly anticipated US inflation data spooked investors. MSCI’s broadest index of Asia-Pacific shares outside Japan fell 1.2 percent in early Asian trade, weighed down by declines of 1.5 percent in Hong Kong, 0.8 percent in resource-rich Australia and 1.6 percent in South Korea.

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