Equities continue bearish momentum, realty and metal stocks drag

Mumbai: Equity indices ended lower for the fourth consecutive day on Wednesday as short selling weighed in across all sectors.

Market sentiment remained weak as investors worried over the impact of a surcharge on foreign portfolio investors.

Besides, there were renewed concerns over trade tension between the United States and India as US President Donald Trump said New Delhi’s high tariffs on certain American products were not acceptable.

The BSE S&P Sensex closed 174 points down at 38,557 while the Nifty 50 leveled 57 points lower at 11,499.

At the National Stock Exchange, all sectoral indices were in the red. Nifty realty was down 1.6 percent, metal by 1.1 percent and auto by 1.08 percent.

Among stocks, InterGlobe Aviation (IndiGo) crashed 10.73 percent to Rs 1,397.75 per share after co-founder Rakesh Gangwal sent a letter to the Securities and Exchange Board of India (SEBI) seeking intervention in several corporate governance violations by his fellow co-founder Rahul Bhatia.

But shares of SpiceJet rose 3 percent on the BSE on the back of heavy volumes. Jet Airways was locked in a 5 percent lower circuit on a report that the government has ordered the Serious Fraud Investigation Office (SFIO) probe against the grounded airline.

Bajaj Finance lost over 5 percent while Indiabulls Housing Finance was down 4.3 percent, Bajaj Finserv by 3.1 percent and Tata Steel by 3.05 percent. The other losers were Bharat Petroleum, JSW Steel, Tata Motors, Axis Bank and Hindalco.

However, those which showed some gains were Yes Bank, Coal India, Sun Pharma, ICICI Bank, and Kotak Bank.

Meanwhile, Asian stock markets were mixed after a subdued session on Wall Street as investors awaited clues on policy from Federal Reserve Chairman Jerome Powell.

Equities posted modest gains in Hong Kong and South Korea while those in Japan and China retreated.