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Sensex Sees 6th Straight Day Of Decline As GST Bill Hits Roadblock

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Benchmark indices ended the day lower as the opposition disruptions in the Rajya Sabha, posed a fresh threat to the GST Bill.

 

Sensing that there is now a possibility that the GST Bill may not go through in the upper house, investors sold heavily into blue chip stocks.

To compound woes, weak trades across the global markets saw further selling pressure in stocks, especially after a crash in commodity stocks.

Sensex Sees 6th Straight Day Of Decline As GST Bill Hits Roadblock
Among the losers in trade were metal stocks following a crash in prices like crude, copper and iron ore. Shares in NMDC hit a new 52-week low, following a decline in iron ore prices, while Vedanta and Hindalco were the other losers in trade.

Banking stocks ended the day mixed with ICICI Bank and Axis Bank falling, while State Bank of India and HDFC Bank managed to remain resilient.

Midcap stocks came in for a pounding for the second day in a row. Tata Chemicals, Havells and Jindal Steel saw huge selling pressure. CESC lost 6 per cent in trade, after the company said that its subsidiary won the Pune Franchisee of IPL. The sensex ended the day lower by 274 points and Nifty down by 89 points.

 

Shares in Royal Enfield fell 2 per cent after the company placed its production loss at 11,000 units due to Chennai floods. Pharma shares were the biggest losers with the pharma index dropping 2 per cent Glenmark fell 5 per cent, while 2 per cent Cipla and Sun also lost 2 per cent.

Meanwhile, Asian markets ended the day mixed, while most of Europe was trading with marginal losses.

GoodReturns.in

Read more about: sensex nifty gst axis bank icici bank
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