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Sensex Drops On Weak Global Cues; SBI, ICICI Bank Hit New 52-Week Lows

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Benchmark indices ended the day lower as global cues remained weak, following a drop in stock prices across the globe.

The Sensex fell 315 points in trade, while the Nifty dropped 93 points in trade. Leading the set of losers in trade were Vedanta which fell more than 5 per cent, while Bharat Heavy dropped 4 per cent and Tata Motors dropped 2 per cent.

Sensex Drops On Weak Global Cues; SBI, ICICI Bank Hit New 52-Week Lows
Hindustan Unilever, Coal India and Sun Pharma were the only gainers from the Sensex. Shares in ICICI Bank and State Bank of India continued to decline and fell to fresh 52-month lows in trade.
 

J P Associates, Jindal Steel and Reliance Power were the top losers from the midcap space. The midcap index shed almost 2 per cent in trade.

Crompton Greaves fell 22 per cent, after its results lagged estimates. Hindustan Unilever jumped more than 2 per cent, after the stock was upgraded by a leading brokerage firm.

Oil and gas stocks were badly hit with crude oil prices falling, after US US crude inventories showed a huge build up. ONGC and Oil india were the big losers from the space. Meanwhile, markets across Asia fell sharply, while Europe was trading with losses.

GoodReturns.in

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