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Sensex Rose 424 points; Tata Motors crashes 17%

On Friday BSE benchmark Sensex rose over 424 points led by a sharp selloff in metal and auto stocks amid negative cues from the global markets on renewed concerns over the US-China trade tiff.

The 30-share index cracked 424.61 points, or 1.15%, to finish at 36,546.48, while the broader NSE Nifty fall 125.80 points or 1.14% to 10,943.60.

Sudden selling in metal and auto counters led to a sharp drop at the fag end of the session, traders said.

Tata Motors was the biggest loser on Sensex, cracking 17.93% after the auto major reported its biggest-ever quarterly net loss of Rs.26,960crores  for the December quarter, hit by one-time asset impairment in its struggling British arm Jaguar Land Rover.

BSE Sensex
BSE Sensex | Stock Market News

Vedanta, Tata Steel, NTPC, ONGC, L&T, M&M, Coal India, Maruti, PowerGrid, Axis Bank, ITC and HDFC, were the other looser whose share declined up to 5.75%.

On the other hand, Kotak Bank, Bharti Airtel, HCL Tech, Bajaj Finance and Hero MotoCorp share rose up to 0.95%. The BSE Metal index plunged 3.42%, while the share of auto gauge shed 3.37%.

Sectorally, FMCG, banking and pharma indices also ended in the loss. Realty was the only gainer.

Meanwhile, foreign portfolio investors bought shares worth a net of Rs.418 crores on Friday, and domestic institutional investors were net buyers to the tune of Rs.294.1crore.said the reporter.

On the global front, fears of an economic slowdown resurfaced after U.S. President Donald Trump said he does not expect to meet his Chinese counterpart Xi Jinping before the March 1 deadline in trade war negotiations between the two superpowers.

A top White House adviser on Friday said Washington and Beijing were still a “sizeable distance” apart in the trade talks, and no date has been set for a meeting between the countries’ leaders.

Dow Jones Industrial Average ended 0.87% lower on Friday.

The benchmark Brent crude rose up 0.28% to $61.80 per barrel.

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