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Markets plunge on recession fears
Sensex sinks 356 points; Nifty ends at 11,354
Mumbai: Benchmark Sensex spiralled lower for the second straight session on Monday and cracked below the key 38,000-mark, with banking and realty counters taking the biggest hit amid a global sell-off triggered by renewed fears of a recession.
The BSE Sensex tumbled 355.70 points to end at 37,808.91 while the wider NSE Nifty plunged 102.65 points to 11,354.25. Investor sentiment dampened after weaker-than-expected economic data from the US and Europe last week stoked fears of a global slowdown.
The trade worries between the US and China too added to the worries, brokers said. Most other Asian markets ended sharply down, while European shares were trading lower in their opening sessions. Besides, investors preferred to keep their portfolios at a low ebb ahead of fiscal 2018-19 coming to an end, they added.
Meanwhile, domestic institutional investors (DIIs) sold shares worth Rs 657.37 crore, while foreign funds remained net buyers, pumping in Rs 1,374.57 crore in Friday's trade, provisional data showed.
Sector-wise, the BSE realty index emerged as the worst performer by sliding 1.83 per cent, followed by metal 1.30 per cent, bankex 1.29 per cent, teck 1.12 per cent, auto 1.10 per cent, capital goods 0.96 per cent, IT 0.86 per cent, FMCG 0.83 per cent, healthcare 0.48 per cent and consumer durables 0.46 per cent.
On the other hand, oil and gas gained 1.40 per cent, PSU 0.91 per cent, infrastructure 0.70 per cent, PSU 0.47 per cent and power 0.46 per cent.
The broader markets saw investors cutting down their exposure, which pulled down the BSE small-cap index by 1.16 per cent and the mid-cap gauge by 1.06 per cent.
