Equity indices slip, autos and financials drag

ANI
28 Jul 2021, 17:07 GMT+10

Mumbai (Maharashtra) [India], July 28 (ANI): Equity frontline indices suffered losses amid weak global trends on Wednesday with auto and banking stocks bearing the brunt of a huge selloff.

Investor sentiment was weak after the International Monetary Fund forecast India's economy to grow 9.5 per cent in 2021 -- a cut of three percentage points from its earlier forecast -- due to a lack of access to vaccines and renewed waves of Covid-19 cases.

At the closing bell, the BSE SP Sensex was down by 135 points or 0.26 per cent at 52,444 while the Nifty 50 slipped by 37 point or 0.24 per cent to 15,709.

Most sectoral indices were in the negative terrain with Nifty PSU bank dropping by 1.8 per cent, auto by 0.9 per cent and realty by 0.8 per cent. But Nifty metal moved up by 1.2 per cent.

Among stocks, Dr Reddy's lost by 2.6 per cent to Rs 4,719 per share while Cipla slipped by 2.2 per cent to Rs 893.40. Kotak Mahindra Bank skidded by 2.5 per cent, Tata Motors by 2.3 per cent, MahindraMahindra by 2.2 per cent and Tata Consumer Products by 1.9 per cent.

However, Bharti Airtel gained by 5 per cent to close the day at Rs 567.95. Tata Steel, JSW Steel, IndusInd Bank, ICICI Bank and Bajaj Finserv too wound up over 1 per cent higher.

Meanwhile, Asian shares stayed stuck at seven-month lows as markets continued to digest a storm in Chinese equity markets.

Japan's Nikkei slid 1.39 per cent as Tokyo recorded fresh virus cases but Hong Kong bucked the trend and rose 1.54 per cent. South Korean stocks ended 0.13 per cent higher ahead of the US Fed verdict. (ANI)

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