Afternoon D & C Dedicated To Mumbai
Home > Business > Global sell-off drags Sensex down by 750 points; Nifty below 10,300

Global sell-off drags Sensex down by 750 points; Nifty below 10,300

Friday, October 12, 2018

The BSE Sensex slumped over 750 points to end at a six-month low and NSE Nifty ended below the 10,300 mark yesterday as global indices witnessed across-the-board losses after investor sentiment was hit by heavy sell-off in world markets.

The 30-share index, which commenced with a gap down opening, cracked over 1,000 points, breaching the 34,000-mark and hit a low of 33,723.53, before staging a partial recovery to touch a high of 34,325.09 in afternoon trade.

The gauge finally ended 759.74 points, or 2.19%, lower at 34,001.15. This is the lowest closing since April 11.

Similarly, the NSE Nifty settled at 10,234.65, down 225.45 points, or 2.16%. It moved between 10,138.60 and 10,335.95 in day trade.

"While most of the earlier fall could be attributed largely to domestic factors, the reason for yesterday's fall is clearly global with the US markets falling sharply after President Trump's acerbic comments against the Federal Reserve and the consequent sharp fall witnessed in all the major Asian markets," said Dheeraj Singh, Head of Investments - Taurus AMC.

In an unprecedented criticism by a serving US President, Trump said the Federal Reserve had gone crazy after the Dow Jones Industrial Average in New York tumbled by over 800 points Wednesday, the biggest decline in more than seven months.

Mkt, Re slump due to external factors; govt to take action at appropriate time: Official
Attributing the slump in stock and currency markets to external factors, a finance ministry official yesterday said more steps will be taken to check current account deficit (CAD) and hoped that the rupee would appreciate.

"What happened in US yesterday had a ripple effect here today. The IMF has downgraded global growth rate, US growth rate for next year, both these had impact on markets," the official told reporters. The government will take action at an appropriate time to check widening CAD and going forward there are indications that oil prices will fall, which will have positive implications on the rupee.

Investor wealth plummets Rs 2.69 lakh cr
Investor wealth eroded by Rs 2.69 lakh crore yesterday hit hard by massive sell-off in the equity market where the BSE benchmark index plummeted over 1,000 points in intra-day trade.     Following the weak show by equities, the market capitalisation (m-cap) of BSE-listed companies witnessed an erosion of Rs 2,69,347.81 crore to Rs 1,35,70,402.59 crore.

COMMENTS
No Comments Posted
POST YOUR COMMENTS
Name:  
 
Email:    
Comments:
 
 
City news
Youth after consumption of alcohol revealed he an
Less than a week after they kidnapped a ...
Milk distribution in Maharashtra is expected to b
Is it safe to have intercourse during the menses?
Dr. Rajan B. Bhonsle, M.D. (Bom)
Consulting Sex Therapist & Counsellor
Dr. (Mrs.) Minnu R. Bhonsle, Ph.D.
Consulting Psychotherapist & Counsellor
Astrology
Select Sun sign:
 
Aries (Mar 21 - Apr 20)
Aries (Mar 21 - Apr 20)Unlike the last few days, today will be hectic and demanding. You will need to attend a few social get-togethers and functions. Socializing with friends and relatives is on the cards. However, you need to be careful about your health. Expenses on medicines are indicated, says Ganesha.
- Advertising -
Outcome of state elections, crude oil price movem
Differences have cropped up between the Heavy Ind
Amid raging controversy over the revised economic
Read More