Share markets in India continued their sell-off seen during the day and ended the trading session deep in the red. All sectoral indices traded on a negative note, with stocks in the realty sector and capital goods sector witnessing most of the selling pressure.
At the closing bell, the BSE Sensex stood lower by 218 points (down 0.6%) and the NSE Nifty closed down by 76 points (down 0.7%). The BSE Mid Cap index ended the day down 2.2%, while the BSE Small Cap index ended the day down 2%.
The rupee was trading at Rs 72.57 against the US$ in the afternoon session.
Asian stock markets finished on a negative note. As of the most recent closing prices, the Hang Seng was down by 0.4% and the Shanghai Composite was down by 0.5%. The Nikkei 225 was up down 1%.
Speaking of the sell-off seen in the Indian stock markets, in our latest edition of the stock market podcast, Apurva Sheth, our lead Chartist, and Editor of the premium newsletter, Profit Hunter Pro joins us to share his technical view on the massive stock market crash that we witnessed on Friday last week.
He also talks about the stocks that could create value in such times.
Shares of companies from the airlines sector and consumer durables sector were witnessing selling pressure today as the government yesterday increased import duty on 19 non-essential items.
India raised import duty on a range of items including air-conditioners, refrigerators, washing machines, footwear, jewelry, furniture fittings and tableware besides imposing it on aviation turbine fuel (ATF).
Basic customs duties have been raised on 19 tariff lines that accounted for an import bill of Rs 860 billion in FY18 by 2.5-10%. Basic customs duty of 5% has been imposed on ATF. The prices of jet fuel will be increased by Rs 2,000 per kilolitre from Thursday, oil refiners have communicated to airlines.
