Breaking News
Investing Pro 0
NEW! Get Actionable Insights with InvestingPro+ Try 7 Days Free

India Stocks Drop on Financial Sector Concern, Global Sell-Off

Stock Markets Oct 03, 2019 07:45AM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
 
NSEI
+1.64%
Add to/Remove from Watchlist
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 
SPBSE...
+1.66%
Add to/Remove from Watchlist
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 

(Bloomberg) -- Indian stocks declined amid a global sell-off on deepening concerns over an economic slowdown and domestic worries about the health of the financial sector.

The S&P BSE Sensex declined 0.5% to 38,106.87 as the 3:30 p.m. close in Mumbai, while the NSE Nifty 50 Index slid 0.4%.

Renewed doubts about debt and the availability of liquidity for non-bank lenders have helped spark a bearish turn in the market. With investors expecting more defaults among mid-sized companies, local stocks are starting to give up gains made after surprise corporate tax cuts two weeks ago.

READ: India Shadow Banking Crisis May Return to Haunt Stock Market

Strategist View

“This is the classic crisis of confidence,” Jefferies analysts led by Nilanjan Karfa wrote in a note, “We are reaching a point wherein the Reserve Bank of India needs to move decisively to try and restore faith as a lender of last resort.”

The Numbers

  • Twelve of 19 sector sub-indexes compiled by BSE Ltd. fell, led by a gauge of metal stocks.
  • HDFC Bank Ltd. contributed most to the index decline with a 2% fall, while Vedanta Ltd. was the worst performer on the Sensex, dropping 4.7%; ITC Ltd. provided the biggest boost to the index, advancing 2.2%, while Yes Bank Ltd. was the best performer, surging 33% after a recent slump
Related Stories

  • India BPCL Divestment May Unlock Up to $25 Billion in Sector: MS
  • India’s Banking Woes Add to RBI Worries as It Moves to Cut Rates

India Stocks Drop on Financial Sector Concern, Global Sell-Off
 

Related Articles

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:  

  •            Enrich the conversation, don’t trash it.

  •           Stay focused and on track. Only post material that’s relevant to the topic being discussed. 

  •           Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.

  • Use standard writing style. Include punctuation and upper and lower cases. Comments that are written in all caps and contain excessive use of symbols will be removed.
  • NOTE: Spam and/or promotional messages and comments containing links will be removed. Phone numbers, email addresses, links to personal or business websites, Skype/Telegram/WhatsApp etc. addresses (including links to groups) will also be removed; self-promotional material or business-related solicitations or PR (ie, contact me for signals/advice etc.), and/or any other comment that contains personal contact specifcs or advertising will be removed as well. In addition, any of the above-mentioned violations may result in suspension of your account.
  • Doxxing. We do not allow any sharing of private or personal contact or other information about any individual or organization. This will result in immediate suspension of the commentor and his or her account.
  • Don’t monopolize the conversation. We appreciate passion and conviction, but we also strongly believe in giving everyone a chance to air their point of view. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
Comments (1)
Sevantilal Patel
Sevantilal Patel Oct 03, 2019 12:23PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Finance minister And her economic team no match for Mammogram Singh. a great finance minister India ever had
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Continue with Google
or
Sign up with Email