Sensex drops 167 pts; metal, auto stocks tumble
Market benchmark BSE Sensex closed 167 points lower after a volatile session on Friday, dragged by metal, auto and financial stocks, as optimism over US-China trade deal waned amid rising political uncertainty in the US.
The 30-share Sensex ended 167.17 points, or 0.43 per cent, lower at 38,822.57. The index swung 325 points intra-day, hitting a low of 38,782.60 and a high of 39,107.37.
Similarly, the broader NSE Nifty fell 58.80 points, or 0.51 per cent, to end at 11,512.40.
Top laggards in the Sensex pack were Vedanta, IndusInd Bank, Yes Bank, Tata Steel, ONGC, Tata Motors, Sun Pharma, M&M, TCS and Hero MotoCorp, dropping up to 5.39 per cent.
On the other hand, Bajaj Finance, Bharti Airtel, ITC, RIL, Kotak Bank and NTPC were the top gainers, rising up to 1.61 per cent.
According to traders, optimism over the upcoming US-China trade talks faded as market volatility increased on concerns over US President Donald Trump's impeachment inquiry, keeping global investors on the edge.
In Asia, Hang Seng, Nikkei and Kospi ended in the red, while Shanghai Composite Index settled on a positive note.
Stock exchanges in Europe were trading in the green in their respective early sessions.
On the currency front, the rupee appreciated 20 paise to 70.67 against the US dollar (intra-day). Brent crude futures slipped 0.33 per cent to USD 62.55 per barrel.
