{"id":123939,"date":"2019-06-21T17:20:28","date_gmt":"2019-06-21T17:20:28","guid":{"rendered":"https:\/\/www.bnreport.com\/sensex-plunges-407-pts-nifty50-below-11750-factors-behind-markets-pain\/"},"modified":"2019-06-21T17:20:28","modified_gmt":"2019-06-21T17:20:28","slug":"sensex-plunges-407-pts-nifty50-below-11750-factors-behind-markets-pain","status":"publish","type":"post","link":"https:\/\/www.bnreport.com\/en\/sensex-plunges-407-pts-nifty50-below-11750-factors-behind-markets-pain\/","title":{"rendered":"Sensex plunges 407 pts, Nifty50 below 11,750; factors behind market\u2019s pain"},"content":{"rendered":"

NEW DELHI: Indian stock benchmarks on Friday erased most of yesterday's gains as a host of macroeconomic worries came home to roost with monsoon<\/a> being the top concern for Dalal Street<\/a> investors. High valuations and lack of earnings growth<\/a> remained underlying issues.<\/p>\n

BSE Sensex plunged 407 points or 1.03 per cent to end at 39,194. The NSE key index Nifty<\/a> settled at 11,724, down 108 points or 0.91 per cent.<\/p>\n

The advance-decline ratio, however, on BSE stood close to 1:1. India VIX, meanwhile, spiked 4.46 per cent.<\/p>\n

Market at a glance:
<\/em>
Among Sensex stocks, 24 scrips ended in the red with YES Bank<\/a>, down 4.36 per cent, as the worst performer. Maruti Suzuki<\/a>, HDFC, Hero MotoCorp<\/a>, HUL and Sun Pharma were among other stocks that formed the loser pack.<\/p>\n

However, the State Bank of India, up 1.28 per cent, gained the most.<\/p>\n

In the BSE sectoral space, 17 of total 19 sectors settled lower and two ended flat. Auto, telecom and energy shed over 1 per cent each. FMCG shed 0.91 per cent and healthcare 0.84 per cet. Power and basic materials were the only ones that shut shop in the green.<\/p>\n

The BSE Midcap index declined 0.38 per cent while the BSE Smallcap skipped the selloff altogether to end 0.14 per cent higher.<\/p>\n

Factors:
<\/em>
Deficit monsoon
<\/strong>Monsoon has progressed slower than usual after hitting the southern state of Kerala nearly a week late. Monsoon rains have been 44 per cent lower-than-average so far in June, delaying the sowing of summer-sown crops and raising concerns that parts of the country could face a worsening drought, according to Reuters. Market participants will be keenly watching the progress of monsoon over the next few days.<\/p>\n

Rise in Budget deficit likely
<\/strong>The government is likely to overshoot the Budget deficit target previously set for the current fiscal year, three officials have warned, as a slowing economy creates a big shortfall in tax collections and prompts new stimulus plans. New Finance Minister Nirmala Sitharaman<\/a>Read More \u2013 Source<\/strong><\/a>
\n[contf]
\n[contfnew]
\n <\/p>\n

ET Markets<\/a><\/h5>\n

[contfnewc]
\n[contfnewc]<\/p>\n","protected":false},"excerpt":{"rendered":"

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