Nifty sinks below 11,100 mark, Coffee Day plunges by another 20%

Business, Nifty, Sense,, Business, Cafe Coffee Day, NewsMobile, Mobile, News, India

Equity benchmark indices were lower again during early hours on Wednesday with weak cues from global markets as investors awaiting the US Federal Reserve’s announcement on interest rates later today.

At 10:15 am, the BSE S & P Sensex was down 120 points at 37,277 while the Nifty 50 slipped 44 points to 11,042. At the National Stock Exchange, sectoral indices were mixed with Nifty IT and realty dropping by 1.2 per cent while PSU banks gained over 1%.

Among stocks, Coffee Day Enterprises hit 20 per cent lower circuit for the second day to hit a 52-week low and traded at Rs 123.25 per share after Cafe Coffee Day founder V G Siddhartha’s body was found near the Netravathi river in Mangaluru.

IT majors too suffered from Tech Mahindra dropping by 3.6 per cent, HCL Tech by 1.1 per cent and Infosys by 1.08%. Axis Bank edged lower by 3.1 per cent, Britannia by 2 per cent, UltraTech Cement by 1.3% and Titan by 1.1%.

However, Yes Bank gained over 4 per cent and IndusInd Bank by 3.7%. Sun Pharma, Indiabulls Housing Finance and JSW Steel showed gains of 2 to 2.5% each.

Meanwhile, Asian indices were weak led by the Japanese Nikkei as profit booking was witnessed after US President Donald Trump lashed out at China before talks began on trade tariffs in Shanghai.

Hong Kong shares slid as investors mulled pessimistic signs amid a mixed set of corporate earnings ahead of the US Federal Reserve’s long-awaited interest rate cut.

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