Mumbai, India (BBN) The benchmark BSE Sensex was trading down by nearly 160 points as marketmen have raised concerns over the Centre’s future reform policies in view of appointment of Yogi Adityanath as the Chief Minister of the country’s most populous state.
At 10:55am, the Sensex was down 154.49 points or 0.52 per cent at 29,494.50 and the 50-share NSE index Nifty was down 35.35 points or 0.39 per cent at 9,124.70, reports The Hindu Business Line.
Among BSE sectoral indices, TECk index fell the most by 1.07 per cent, IT 1.05 per cent, metal 0.78 per cent and banking 0.37 per cent.
On the other hand, consumer durables index was up 1.05 per cent, healthcare 0.4 per cent and realty 0.39 per cent.
Top five Sensex losers were ICICI Bank (-1.94 per cent), Infosys (-1.75 per cent), Tata Steel (-1.65 per cent), Bharti Airtel (-1.54 per cent) and Axis Bank (-1.53 per cent), while the major gainers were Lupin (+0.75 per cent), HDFC Bank (+0.63 per cent), Cipla (+0.59 per cent), HDFC (+0.55 per cent) and Adani Ports (+0,49 per cent).
Marketmen are particularly concerned about any large-scale selling by the foreign investors who tend to react promptly to any such development.
However, Some analysts are hopeful that macroeconomic factors such as further movement on the GST rollout decision would eventually decide the course for the stock market, after a temporary hit from the development in Uttar Pradesh.