Nirmala effect: Sensex slips 200 points

May 31, 2019 14:41

Domestic equity benchmarks gave up early gains, with the BSE Sensex dropping over 200 points and the NSE Nifty slipping below the 11,900 mark in afternoon session tracking losses in power, metal and financial stocks. Market turned volatile as the government announced the portfolios for new cabinet ministers, traders said.

Amit Shah has been named the new Home minister, Rajnath Singh the new Defence minister and Nirmala Sitharaman the new Finance minister. The 30-share index was trading 228.36 points, or 0.57 per cent, lower at 39,603.61.

In a similar movement, the broader NSE Nifty was down 64.65 points, or 0.54 per cent, at 11,881.25. Top losers in the Sensex pack include, Vedanta, Yes Bank, Tata Motors, ITC, M&M, NTPC, Kotak Bank, Tata Steel, Hero MotoCorp and SBI, falling up to 3 per cent.

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