NEW DELHI, Jan 02 :
Markets finished the second trading day of 2019 in red with the benchmark BSE Sensex crashing over 350 points amid heavy selloff in metal and auto stocks. Sensex plunged 363 points or 1 per cent to close at 35,892, while the broader NSE Nifty shed 118 points or 1.08 per cent to end at 10,792.
On BSE, Vedanta, Mahindra and Mahindra, Tata Steel, Tata Motors, Hero MotorCorp and Maruti were among the top losers with their stocks sliding as much as 4.35 per cent. On the NSE platform, all the sub-indices tracked losses with Nifty Metal and Auto declining the most, down as much as 3.47 per cent.
“There is lack of volume (in Indian shares) and we’re very close to the recent highs, leading to some profit-booking,” said Siddharth Sedani, head of equity advisory at Anand Rathi Financial Services in Mumbai.
“The earnings season will give some triggers … we should be around 11,000 levels before it begins,” he added, referring to the broader Nifty.
IT services giant Tata Consultancy Services Ltd will kick off the corporate earnings season with results for the December-quarter scheduled for January 10.
Weakness in Asian stocks and selling by foreign institutional investors hit market sentiment, traders said.
