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Market trades volatile, Kotak Mahindra Bank slips 3%

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India's soaring trade deficit, which hit a near five-year high of $18 billion and a sharp surge in imports weighed on trade sentiments.

Market trades volatile, Kotak Mahindra Bank slips 3%
The Indian benchmark indexes were volatile on Thursday on sustained selling in metal, private bank, realty, financial services and media stocks. The Sensex was trading at 37,837.91, marginally down by by 17 points, while the Nifty 50 held on to 11.400 mark, trading at 11,433.95.
The market started on a weak note after the Indian rupee fell to a record low of 70.26 against the dollar, but the home currency recovered after major public sector and private sector banks sold dollar. India's soaring trade deficit, which hit a near five-year high of $18 billion and a sharp surge in imports weighed on trade sentiments.
A 57 percent increase in oil import bill and 41 percent jump in gold imports in July were the main reasons behind the high trade deficit.
Kotak Mahindra Bank fell by 3 percent, leading the laggards on the BSE index, followed by Vedanta which was down by 2.46 percent. HDFC was lower by 1.52 percent and Wipro slipped 1.52 percent.
Sun Pharma, Axis Bank, ICICI Bank, Coal India, Infosys gained by up to 2.05 percent.
BSE MidCap was flat at 0.16 percent higher, while smallcap rose 0.40 percent.
On the NSE, midcap was higher by 0.17 percent, while sectoral indices led by pharma, IT, Auto, PSU Bank and FMCG traded in the green.
Media, Fin Service, and Nifty Bank were also down by up to 0.72 percent.
Asian markets also trade volatile with Japan's Nikkei lower at flatline. Hong Kong's Hang Seng was down nearly half a percent.
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