Sensex Begins New Financial Year With Losses; Global Markets Fall

Business

oi-Sunil

By Sunil Fernandes

Updated: Friday, April 1, 2016, 15:32 [IST]

Benchmark indices began the new Financial Year on a dismal note, ending the day lower on weak global cues. Markets across the globe were tentative ahead of the US jobs data, due later today. A strong jobs data, could force the US Fed to hike interest rates earlier than expected.

The Sensex ended the day lower by 72 points at 25,269 points, while the Nifty dropped 25 points in trade. Leading the set of losers in trade were telecom stocks led by Bharti Airtel, which slumped by 5 per cent and Idea Cellular.

ONGC declined after a modest drop in crude prices. Among the non index stocks IDBI Bank jumped after reports that the bank had sold 2 percent stake in NSE to LIC.

Shares in Coal India saw sustained selling pressure and the stock hit a new 52-week low. Banking shares were the star performers in trade, ahead of RBI's Monetary Policy, later next week. ICICI Bank, Axis Bank and smaller banks like Karnataka Bank saw a smart rally.

Ginni Filaments jumped as much as 20 per cent, after reports that the company has got out of CDR around two years before the scheduled date of exit.

Midcap shares had a good session in trade with the index ending higher, thanks to a surge in banking stocks like Syndicate Bank, Union Bank, Canara Bank and IDBI Bank.

Shares in KEC International was up after the company won orders worth Rs 836 crore. Meanwhile, markets across Asia ended the day with losses, while most of Europe was also deep in the red.

The rupee was last trading at 66.25 to the US Dollar.

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