Sensex drops 330 points; Tata Steel, Adani Ports main failures


The Sensex and Nifty were dealing lower by one per cent because of constant foreign fund loss and unrelenting worry over US-North Korea tug-of-war.

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On 30-share BSE Index, Sensex was noted down by 329.62 points or 1.03 per cent at 31,529.82 at 12.35 p.m while on 50-share NSE indices, Nifty was dealing less by 103.7 points or 1.04 per cent at 9,860.70.

Every BSE sectoral indexes were dealing in the negative zone. The realty index drop by 3.09 per cent, metal lowers by 2.54 per cent, capital goods down by 2.03 per cent and healthcare lowers by 1.67 per cent.

Image result for sensexThe main Sensex failures were Tata Steel (-3.29%), Adani Ports (-2.92%), Kotak Bank (-2.48%), L&T (-2.43%) and ITC (-2.33%), on the other hand, the major achievers were TCS (+0.73%), HUL (+0.44%), ICICI Bank (+0.43%), Power Grid (+0.41%) and Reliance (+0.34%).

“It’s a clear case of correction out there with investors taking a more cautious approach in the near term,” Siddhartha Khemka, Head of research – Equity, Centrum Wealth affirmed.

Stocks of HDFC Bank Ltd and Larsen & Tourbro Ltd drops by 1.5 per cent and 2.3 per cent correspondingly.

The Nifty PSU Bank indices were dropped by 2.8 per cent. Shares of Andhra Bank and Canara Bank Ltd decreased by 2 per cent each.

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The major percentage failure was Tata Steel Ltd, dropping by over 4 per cent and dropping the Nifty Metal index lesser.