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Nifty Sinks Below 11,000 For The 1st Time Since March

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Markets once again witnessed a fresh round of selling, as Foreign Portfolio Investors continued to dump Indian stocks.

 

The Nifty fell 86 points at 10,999 points, for the first time since March 6, 2019. The benchmark has now lost near 8 per cent since the Union Budget announcements of July 5, 2019 wherein Finance Minister, Nirmala Sitharaman's imposed a tax surcharge on the super rich, which, also became applicable to select Foreign Portfolio Investors (FPIs).

 Nifty Sinks Below 11,000 For The 1st Time Since March

HDFC twins, where FPIs have the maximum stake continued to be beaten down with both HDFC and HDFC Bank losing more than 2 per cent.

Shares in Coffee Day Enterprises fell as much as 20 per cent and was locked at the upper end of the circuit filter, after its owners body was found. The worst impacted in today from the Nifty was Axis Bank, which dropped 4 per cent, after its numbers disappointed the street.

Shares in Hero Motor Corp was the top gainer from the Nifty, jumping over 3 per cent, after the company reported a strong set of results.

Meanwhile, most Asian markets were trading with losses as Dow Futures pointed to a lower opening. It is likely that the markets would continue to see volatility.

 

GoodReturns.in

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