Sensex slides 336 points ahead of Q2 GDP nos, Nifty holds 12,050
Expectations of slower GDP numbers for September quarter (Q2FY20) due later in the day and weak global cues weighed on investor sentiment on Friday with the benchmark indices sliding nearly a per cent.
It is widely expected that the second quarter GDP print will slip below 5 per cent on subdued consumer demand, weakening private investment and falling exports courtesy global slowdown.
The S&P BSE Sensex lost 336 points or 0.82 per cent to settle at 40,794 with YES Bank (down 2.50 per cent) being the top loser and Bharti Airtel (up over a per cent) the biggest gainer. During the day, the index hit a low of 40,664.18 levels. Reliance Industries (RIL), ICICI Bank, Hindustan Unilever (HUL), and State Bank of India (SBI) contributed the most to the index’s fall.
NSE’s Nifty50 index closed the session at 12,056, down 95 points or 0.78 per cent.
On a weekly basis, the Sensex gained 1.1% to reach a new life-time high. Markets were buoyed by progress on phase-1 of the US-China trade deal, resolution of stress in financial sectors and multiple government initiatives to arrest the ongoing economic slowdown.
In the broader market, Nifty Midcap 100 index ended flat at 17,222, up 0.06 per cent while Nifty SmallCap 100 index outperformed the benchmarks by settling nearly a per cent higher.
Sectorally, except realty stocks, all the counters ended in the red. Media stocks tumbled the most, followed by PSU banks, metals and auto stocks. The Nifty Realty index ended a per cent higher at 282 levels.