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Sensex, Nifty Tumble As Financials Drag; HDFC Twins Suffer Heavy Losses
(RTTNews) - Indian shares fell sharply on Friday, with banks and financials among top drags.
Weak global cues weighed on sentiment as U.S. bank contagion fears resurfaced and investors awaited the all-important U.S. jobs data due tonight that could influence the Federal Reserve's monetary policy path.
The benchmark S&P/BSE Sensex ended the session down 694.96 points, or 1.13 percent, at 61,054.29 while the broader NSE Nifty index settled down 186.80 points, or 1.02 percent, at 18,069.
HDFC twins came under selling pressure, with HDFC Bank falling 5.8 percent and HDFC losing 5.6 percent amid indications that the merged entity will have a lower weight in the MSCI index.
IndusInd Bank followed suit with a 4.6 percent loss, while metal stocks such as Tata Steel and Hindalco fell over 2 percent each after a survey showed activity in China's services sector expanded at a slower-than-expected pace in April.
On the positive side, Apollo Hospital Enterprises, Nestle India, UltraTech, Maruti Suzuki India and Titan Company shares rose 1-2 percent.
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