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6th Straight Day of Losses As Markets Await Election Storm To Pass
It was the sixth straight day of losses for the stock markets, as investors await the election storm to pass. The Sensex has now lost almost 1,300 points from peak levels.
Today's losses were led by Vedanta, Tata Motors and IndiaBulls Housing. The Sensex was trading with losses of 313 points, while the Nifty dipped 86 points in noon trade.
Vedanta dropped following quarterly results that did not enthuse the markets. The stock was last trading at Rs 159, a fall of 2 per cent over Tuesday's close.
Power Grid, Coal India and Lupin were among the few stocks that gained ground in trade. Losess were lead by Reliance Industries, which dropped near 2 per cent, while Tata Motors, Dr Reddy's and HDFC were the other losers in trade.
Meanwhile, Asian markets saw substantial losses following worries over the US China trade deal. The Japanese Nikkei was down more than 1.5 per cent, while the Hang Sang lost 0.75 per cent in trade.
On Tuesday, the Dow Jones fell a staggering 400 points, following worries over the US China trade deal. The Indian rupee meanwhile The Indian rupee opened lower against the U.S. dollar at 69.55. Investors see more weakness for the currency going ahead.
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