The Bombay Stock Exchange Sensex fell 262.78 points to close at 25,979.60 and the National Stock Exchange Nifty ended 82.20 points down at 7,979.10 as Indian markets ended at their lowest level since November 24. Broad-based selling by investors as well as weak global cues were the major factors for the losses, Business Standard reported.
Stocks of Adani Ports, ONGC and Bharti Airtel were among the top losers of the day. Tata Steel was also one of the worst performers, after the company’s shareholders voted to remove independent director Nusli Wadia from his post and submitted a statement to the stock exchanges announcing his ousting.
Moreover, most sectoral indices traded negatively, with the Nifty Bank index ending at its lowest level since June 30 after poor performances by Axis Bank, IndusInd Bank and the State Bank of India. Other factors, including the effects of demonetisation on quarterly earnings and the awaited outcome of the two-day Goods and Services Tax Council meeting, which began on Thursday, affected investor sentiment.
Asian markets also declined, with Hong Kong’s Hang Seng falling by 0.80% and Japan’s Nikkei declining by 0.09%. However, the Shanghai Composite closed 0.07% higher. The weak trade was the result of thinning activity on Wall Street in view of the upcoming holidays. During the morning trade, Indian bourses were trading at a one-month low, Mint reported.