Sensex Tanks 433 Points, Nifty Ends Below 11,200; Banks, Auto Stocks Top Drags
Market closing Indian equity benchmarks succumbed to a fag-end selloff to close in the red on Friday, dragged by banks, financials, and auto stocks amid weak global cues. After rising as much as 0.6%, Sensex closed 433.15 points or 1.13% lower at 37,877.34. Nifty declined 122.05 points or 1.08% to settle at 11,178.40. Metal and pharma stocks were among the rare gainers. Sun Pharma, closing over 2% higher, was the top Sensex gainer, followed by NTPC, Tata Steel, Titan, and Infosys. M&M, Axis Bank, Bajaj Finance, and SBI were among the laggards. Of 30 Sensex shares, 25 closed in the red.
CARE Ratings’ on wholesale inflation "Wholesale price inflation in the next month could pick-up further and could record positive inflation in August largely driven by a pickup in wholesale food prices owing to supply disruptions led by the imposition of lockdown measures in certain parts of the country. However, the supply of fresh Kharif stocks could partially ease wholesale prices to some extent. Inflation in the fuel segment could continue to remain in the negative trajectory owing to benign crude oil prices." Wholesale price inflation contracts for the fourth month in a row in July India’s wholesale price index inflation contracted for the fourth consecutive month in July, official data showed on Friday, even though the rate of deflation narrowed compared with the preceding month.
The price of crude oil fell drastically during July, while most manufacturers continued to lose pricing power as consumer demand waned amid the unfolding coronavirus pandemic. Data released by the industry department showed that the wholesale price index (WPI) inflation contracted 0.58% in July against 1.81% contraction in June. During the month, crude petroleum prices softened 25.6% from a year ago, while fuel prices also eased by 9.8% from their levels a year earlier.
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