The domestic stock markets closed sharply lower on Friday as Reliance Industries’ lower than expected earnings, ongoing cash crunch in NBFCs and H1-B visa issue dented investors sentiment. The 30-share Sensex closed 463.95 points or 1.33% down at 34,315.63, while the broader Nifty 50 too ended lower by plunging 149.50 points or 1.43% to 10,303.55. HDFC Bank and Reliance Industries were the leading contributors to Nifty’s fall.
The BSE Sensex opened lower on Friday and soon lost 400 points, even as the broader Nifty 50 opened below the psychological 10,350 level. The 30-share Sensex opened at 34,563 today and soon plunged to an intra-day low of 34,288, down by 491 points as compared to the previous close.
At the end of the day, while Sun Pharma, Kotak Bank, HPCL, Vedanta and ITC were among the top gainers on the key indices, Indiabulls Housing Finance shares fell 17.06%, Yes Bank (6.06%), Reliance Industries closed the day at 4.11% down on BSE. Mind Tree shares were down 16.13% and PNB Housing shares closed 18.55% lower than the previous close.
Asian markets too clawed back losses on Friday as China’s efforts to bolster investor confidence helped its share markets rally. China on Friday posted its economic growth at 6.5% y-o-y in the third quarter of 2018, its slowest pace since 2009.
Asian stocks fell as sentiment soured on issues ranging from trade worries and growth concerns in China, Reuters reported earlier today. Overnight, US stocks closed in deep red, with S&P 500 at 2,768.78, down 1.44% or 40 points. Oil prices nudged higher on Friday but were set for a second weekly drop amid higher U.S. crude inventories, an ongoing Sino-U.S. trade war and concerns over the death of a prominent Saudi journalist.