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Market falls sharply on weak global cues; Sensex, Nifty turn negative for the week

Market falls sharply on weak global cues; Sensex, Nifty turn negative for the week

Market falls sharply on weak global cues; Sensex, Nifty turn negative for the week
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By Sudarshan Kumar  Dec 21, 2018 4:18:39 PM IST (Published)

The 30-share BSE Sensex nosedived 690 points to close at 35,742, while the NSE Nifty slumped 198 points to 10,754.

Indian market took a sharp knock on Friday, tracking weak global cues, as the second consecutive day of fall turned benchmark equities negative for the week. The 30-share BSE Sensex nosedived 690 points to close at 35,742, while the NSE Nifty slumped 198 points to 10,754. Broader markets also fell sharply with the Nifty Midap Index declining by 284 points to 17,704 and Nifty Bank 405 points to 26,870. Only four Nifty stocks managed to close with gains.

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Index heavyweight stocks such as Reliance Industries, Infosys, HDFC Bank, ITC, HDFC and ICICI Bank topped the charts among major losers. Market breadth too was in favour of declines with Advance-Decline ratio at 2:5.
In a weak trading session oil marketing companies of BPCL and HPCL closed higher as crude oil prices slipped further. Brent was seen trading around $54 per barrel and Nymex below 46 per barrel.
In the derivatives space, Nifty 10,800, 10,900 and 11,000 call options added nearly 2 lakh shares each in the open interest with premiums falling 70-83 percent. And, amongst Put options, Nifty 10,600 strike rate saw 2.5 lakh shares being shed in open interest with premium rising over 265 percent. Nifty December Futures closed with a premium of 15 points against a premium of 26.5 points on Thursday.
Stocks in Asia settled broadly lower on Friday, with Japanese equities leading the fall. The Nikkei 225 fell 1.11 percent on the day as it closed at 20,166.19, while the Topix index declined by 1.91 percent to finish its trading week at 1,488.19.
The benchmark Nikkei 225 dropped more than 2.5 percent in the previous trading session. Shares of Japanese banks fell on the back of the Bank of Japan's decision on Thursday to keep interest rate targets unchanged.
Over in South Korea, the Kospi recovered from earlier losses to close slightly higher at 2,061.49 — up 0.07 percent.
In Australia, the ASX 200 lost its earlier gains to close 0.69 percent lower at 5,467.6, with most sectors slipping. Shares of the country's so-called Big Four banks declined, with Australia and New Zealand Banking Group, Westpac and National Australia Bank all shedding at least 1 percent.
The mainland Chinese markets, closely watched in relation with Beijing's trade spat with Washington, slipped on the day. The Shanghai composite declined by 0.79 percent to close at around 2,516.25 and the Shenzhen composite lost 0.959 percent to end its trading week at about 1,284.66.
Hong Kong's Hang Seng index recovered from its earlier losses to close 0.5 percent higher.
Disclosure: Network18, the parent company of CNBCTV18.com, is controlled by Independent Media Trust, of which Reliance Industries is the sole beneficiary.
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