Markets bleed on woes, oil price

Markets bleed on woes, oil price

The BSE benchmark Sensex plunged over 550 points Wednesday to slip below the 36,000mark on heavy selling in IT, auto and telecom stocks, after the...

Sensex tanks 550 points to slip below 36k; Nifty down 150 pts

Mumbai: The BSE benchmark Sensex plunged over 550 points Wednesday to slip below the 36,000-mark on heavy selling in IT, auto and telecom stocks, after the rupee collapsed to a new life-time low amid surging crude oil prices.

After a weak start, the BSE 30-share barometer plummeted below the 36,000-mark to hit a low of 35,911.82, finally settling 550.51 points, or 1.51 per cent, down at 35,975.63.

The gauge had gained 299 points in the previous session Monday after the Reserve Bank of India (RBI) announced measures to shore up liquidity.
The NSE Nifty, too, stayed in the negative terrain through the session and hit a low of 10,843.75, finally ending 150.05 points, or 1.36 per cent, lower at 10,858.25.

According to market analysts, the outcome of RBI monetary policy, which is scheduled Friday, will provide further direction to the markets.

The three-day RBI policy review began Wednesday, and the Monetary Policy Committee (MPC) is expected to go for a 25-basis points hike.

The rupee breached the 73-mark for the first time to hit an all-time low of 73.41 (intra-day) against the US dollar. Meanwhile, Brent crude oil near USD 85 a barrel.

Among sectoral indices, the BSE auto index emerged the worst performer by declining 2.90 per cent, followed by teck shedding 2.38 per cent, IT 2.23 per cent, bankex 1.54 per cent, FMCG 1.17 per cent, consumer durables 0.83 per cent, power 0.48 per cent and healthcare 0.38 per cent.

While, metal, oil and gas, PSU and capital goods indices managed to end in the positive zone, rising up to 1.74 per cent.

In the broader markets, the mid-cap index fell by 1.47 per cent, while small-cap index shed 0.40 per cent. Domestic markets were closed on Tuesday on account of Gandhi Jayanti.

Meanwhile, foreign funds sold shares worth a net of Rs 1,842 crore, while domestic institutional investors bought equities worth Rs 1,805 crore Monday, provisional data showed.

Mixed trend at other Asian and European markets on weak global cues also accelerated selling activity on bourses here, traders said.

Asian stocks ended mixed with Hong Kong's Hang Seng falling 0.13 per cent, while Japan's Nikkei shedding 0.66 per cent.

Taiwan Index too fell 0.51 per cent. In the Eurozone, Paris CAC rose 0.44 per cent, but Frankfurt's DAX was down 0.42 per cent in their late deals. London's FTSE up 0.38 per cent.

Show Full Article
Download The Hans India Android App or iOS App for the Latest update on your phone.
Subscribed Failed...
Subscribed Successfully...
More Stories