Sensex Finishes Sharply Lower
India’s BSE Sensex fell further to close about 1.7% down at 73,580.5 on Thursday, the lowest level since June 8, amid broad-based selling. Investor sentiment was dampened by rising crude oil prices, higher U.S. Treasury yields and expectations of a Fed rate hike, as geopolitical uncertainty persisted. Heavyweight financials were the hardest hit after the insurance regulator proposed changes to commissions and distribution payouts. The regulatory changes weighed on insurance distributors, banks and non-bank lenders with sizeable insurance distribution businesses. Bajaj Finance, Bajaf Finserv, Axis Bank, Kotak Mahindra Bank and HDFC Bank posted losses between 1.2% and 5.5%. Other top laggards included IndiGo, Trent, Mahindra & Mahindra, Reliance, Asian Paints, Bahrti Airtel and L&T.
5 on Thursday, the lowest level since June 8, amid broad-based selling. S. Treasury yields and expectations of a Fed rate hike, as geopolitical uncertainty persisted. Heavyweight financials were the hardest hit after the insurance regulator proposed changes to commissions and distribution payouts.
The regulatory changes weighed on insurance distributors, banks and non-bank lenders with sizeable insurance distribution businesses. 5%. Other top laggards included IndiGo, Trent, Mahindra & Mahindra, Reliance, Asian Paints, Bahrti Airtel and L&T.