Stock market echoes weak global cues: Sensex slips over 200 points, Nifty at 11,305
Equity indices were in the negative territory during early hours on Thursday amid weak global cues.
At 11:10 am, the BSE S&P Sensex was down by over 200 points at 38,093 while the Nifty 50 slipped by 54.85 points to 11,305.05.
At the National Stock Exchange, sectoral indices were mixed with Nifty metal falling by 2.3 per cent. Nifty Bank, Financial service and Pharma too were in the red while auto, IT and realty gained some ground.
Among stocks, Hindalco lost by 4.8 per cent, Vedanta by 3.3 per cent and Tata Steel by 2.8 per cent. Coal India, Larsen & Toubro, Axis Bank, HDFC Bank and Kotak Mahindra Bank also traded with losses.
However, Yes Bank gained sharply by 27 per cent at Rs 40.70 per share after Chief Executive Officer Ravneet Gill said the recent drop in stock price does not reflect the bank's performance and the operating metrics are absolutely sound.
Tata Motors gained by 5.3 per cent, Zee Entertainment by 3.1 per cent, Eicher Motors by 1.7 per cent and Bharat Petroleum Corporation by 1.4 per cent.
Meanwhile, Asian stocks skidded to a one-month low after US President Donald Trump's administration announced a day earlier that the United States will impose tariffs on 7.5 billion dollars of goods from the European Union.
MSCI's broadest index of Asia-Pacific shares outside Japan dropped by 0.78 per cent while Japanese Nikkei traded down by over 2 per cent. Global slowdown coupled with the chaos in Hong Kong pulled down other Asian indices as well.