Stocks slip as divestment drive fails to offset global woes; Tata Steel drops 3.35 pc
Equity indices slipped into the red on Thursday as the government's latest reforms push failed to stem profit-booking amid the protracted US-China tensions.
After a choppy session, the 30-share BSE Sensex ended 76.47 points, or 0.19 per cent, lower at 40,575.17. Similarly, the broader NSE Nifty closed 30.70 points, or 0.26 per cent, down at 11,968.40.
Kicking off the country's biggest privatisation drive, the Union Cabinet on Wednesday approved sale of the government's stake in five PSUs. The Centre also doled out a Rs 42,000 crore relief to debt-laden telecom companies after it agreed not to take any payments for spectrum they use for the next two years.
However, trading sentiment remained risk-averse after the US-China trade negotiations were further complicated by a US legislation supporting Hong Kong protestors.
Majority of the sectoral indices also succumbed to profit booking amid elevated valuations, traders said.
Tata Steel was the top loser in the Sensex pack, dropping 3.35 ...