Indian equity benchmarks witnessed intensified selloff in the last hour, which dragged the market to lower points on Friday. Asian stocks lost ground on Friday as investors worried about a broadening global economic slowdown, with sentiment not helped by the absence of any positive signs for a resolution in the US-China trade row. On the global front, fears of an economic slowdown resurfaced after US President Donald Trump said he does not expect to meet his Chinese counterpart Xi Jinping before the March 1 deadline in trade war negotiations between the two superpowers. The rupee, meanwhile, appreciated 32 paise against the US dollar to 71.13 intra-day. The benchmark Brent crude futures rose 0.28 per cent to USD 61.80 per barrel. Across sectors, selling was visible, with maximum pain seen in automobiles, consumption, metals, and infra companies, among others. The shares of Tata Motors ended 17.88 per cent lower at Rs 150.15 apiece on National Stock Exchange (NSE) after the auto major reported the biggest quarterly loss among Indian corporates as it was hit by asset impairment in its UK subsidiary, Jaguar Land Rover (JLR) Automotive in the December quarter on Thursday.
The 30-share index closed at 36546.48 down by -424.61 points or by -1.15 per cent and then NSE Nifty was at 10943.6 down by -125.8 points or by -1.14 per cent. The BSE Sensex touched intraday high of 36885.58 and intraday low of 36480.62 The NSE Nifty touched intraday high of 11041.2 and intraday low of 10925.45.
The top gainers of the BSE Sensex were Kotak Mahindra Bank Ltd. (Rs. 1295.55,+0.95%), Bharti Airtel Ltd. (Rs. 313.60,+0.85%), HCL Technologies Ltd. (Rs. 1065.90,+0.46%), HDFC Bank Ltd. (Rs. 2123.15,+0.29%), Bajaj Finance Ltd. (Rs. 2704.35,+0.25%), among others.
The top losers of the BSE Sensex were Tata Motors Ltd. (Rs. 151.30,-17.28%), Tata Motors Ltd. (Rs. 81.45,-13.72%), Vedanta Ltd. (Rs. 154.05,-5.75%), Tata Steel Ltd. (Rs. 469.55,-3.70%), Oil And Natural Gas Corporation Ltd. (Rs. 143.50,-2.94%), among others.
Among sectors, BSE Realty index was at 1768.66 up by 18.78 points or by 1.07%. Housing Development & Infrastructure Ltd. (Rs. 22.70,+3.89%), DLF Ltd. (Rs. 164.60,+2.84%), Phoenix Mills Ltd. (Rs. 587.05,+2.77%), Godrej Industries Ltd. (Rs. 759.80,+1.52%), Mahindra Lifespace Developers Ltd. (Rs. 375.00,+0.81%),. On the flip side, Auto index was at 18943.57 down by -660.12 points or by -3.37%. Tata Motors Ltd. (Rs. 151.30,-17.28%), MRF Ltd. (Rs. 56470.15,-5.31%), Motherson Sumi Systems Ltd. (Rs. 135.05,-4.73%), Eicher Motors Ltd. (Rs. 20839.00,-4.49%), Balkrishna Industries Ltd. (Rs. 765.15,-4.39%),.
The Market breadth, indicating the overall strength of the market, was weak. On BSE out of total shares traded 2828, shares advanced were 1022 while 1659 shares declined and 147 were unchanged.