Sensex plummets 800 points, Nifty below 10,300 as volatility rules
Thursday - October 11, 2018 2:50 pm ,
Category : BUSINESS
Mumbai Oct 11:India s key equity indices plummeted in afternoon session on Thursday after a feeble recovery early on as concerns about global growth and expectations of ever-tighter interest rates in the United States roiled markets across the world.
The S&P BSE Sensex was down nearly 800 points and the NSE S Nifty50 was below the key 10 300-mark amid market volatility.
"The sell-off was in sync with the slide in Asian markets after a sharp fall in the US equities on Wednesday. Rising US interest rates and US-China trade tension will likely hurt corporate profits." Vinod Nair Head of Research Geojit Financial Services told IANS.
Also International Monetary Fund head Christine Lagarde s comments that stock market valuations had been "extremely high" triggered the meltdown in the US markets and spilled over to Asia on Thursday.
At one point the Sensex had crashed 1 000 points before recouping some of the losses on value buying.
Heavy selling was witnessed in banking IT metals auto and capital goods stocks. All 19 sector-based indices on the BSE except the energy index traded in the red.
At 2.15 p.m. NSE s Nifty traded at 10 240.30 down 219.80 points or 2.10 per cent from its Wednesday s close.
The S&P BSE Sensex which had opened at 34 063.82 traded at 33 967.32 down 793.57 points or 2.28 per cent.
So far on Thursday the Sensex has touched a high of 34 325.18 and a low of 33 723.53.
At around 2.00 p.m. the Indian rupee was trading at 74.17 per US dollar after slumping to a new low of 74.48. The rupee had opened at 74.31 at the Inter-Bank Foreign Exchange Market.
--IANS
The S&P BSE Sensex was down nearly 800 points and the NSE S Nifty50 was below the key 10 300-mark amid market volatility.
"The sell-off was in sync with the slide in Asian markets after a sharp fall in the US equities on Wednesday. Rising US interest rates and US-China trade tension will likely hurt corporate profits." Vinod Nair Head of Research Geojit Financial Services told IANS.
Also International Monetary Fund head Christine Lagarde s comments that stock market valuations had been "extremely high" triggered the meltdown in the US markets and spilled over to Asia on Thursday.
At one point the Sensex had crashed 1 000 points before recouping some of the losses on value buying.
Heavy selling was witnessed in banking IT metals auto and capital goods stocks. All 19 sector-based indices on the BSE except the energy index traded in the red.
At 2.15 p.m. NSE s Nifty traded at 10 240.30 down 219.80 points or 2.10 per cent from its Wednesday s close.
The S&P BSE Sensex which had opened at 34 063.82 traded at 33 967.32 down 793.57 points or 2.28 per cent.
So far on Thursday the Sensex has touched a high of 34 325.18 and a low of 33 723.53.
At around 2.00 p.m. the Indian rupee was trading at 74.17 per US dollar after slumping to a new low of 74.48. The rupee had opened at 74.31 at the Inter-Bank Foreign Exchange Market.
--IANS
