Sensex ends 229 points lower, PSU banks worst hit

Mumbai (Maharashtra) [India], Nov 13: Equity benchmark indices ended lower on Wednesday in line with global stocks as investors doubted that the US-China trade deal will be signed anytime soon.

Besides, escalating violence in Hong Kong pushed Asian stocks to their worst day since August. The BSE S&P Sensex closed 229 points or 0.6 per cent lower at 40,116 while the Nifty 50 slipped by 73 points to 11,840. All sectoral indices at the National Stock Exchange were in the red with Nifty PSU down by 3.1 per cent, metal by 2 per cent and realty by 1.8 per cent.

Among stocks, private lender Yes Bank tumbled by 5.7 per cent to end the day at Rs 68.85 per share. Axis Bank slipped by 3.2 per cent and IndusInd Bank by 2.3 per cent.

Public sector State Bank of India also fell by 3.7 per cent, Oriental Bank of Commerce by 3 per cent and Punjab National Bank by 2.3 per cent. The other prominent losers were GAIL, Zee Entertainment, Adani Ports, Hindalco and Vedanta.

However, Britannia gained by 4.8 per cent, Tata Consultancy Services by 3.7 per cent, Reliance Industries by 2.9 per cent and Nestle India by 0.8 per cent.

Meanwhile, Asian stocks slipped on growing worries that US-China trade talks are stalling and concern about intensifying unrest in Hong Kong. MSCI’s broadest index of Asia Pacific shares outside Japan fell by 1.01 per cent to the lowest in more than a week.

Hong Kong shares were down by 1.8 per cent as protesters planned to paralyse parts of the Asian financial hub for a third day. Japan’s Nikkei too fell by 0.85 per cent while South Korean Kospi lost by 0.86 per cent.

US President Donald Trump said a day earlier that a trade deal with China was close but gave no new details on when or where an agreement will be signed. Washington and Beijing have imposed tariffs on each other’s goods in a bitter dispute over Chinese trade practices that the Trump administration says are unfair.

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