MARKET WRAP: Sensex tumbles 587 pts, bang-up below ten,750; small-caps bleed

MARKET WRAP: Sensex tumbles 587 pts, bang-up below ten,750; small-caps bleed

All the sectors led to the red except bully IT index, that gained on the rear of a weaker rupee. The domestic currency slumped forty paise intra-day to hit a 2019 low of Rs seventy-one .96/ United States of America dollar.

Sensex slumps nearly 600 points. (Photo: TheHindu)
Markets continued to reel struggling of the economic lag on Th with the benchmark S&P BSE Sensex and Nifty50 slithering nearly 700 and a hundred ninety points, respectively from day's high to hit low of thirty-six,391 and 10,718, severally. neat Bank shed 800 points intra-day to shut at the bottom level since Gregorian calendar month 2019.

Former finance secretary Subhash Chandra Garg, same at an occurrence that the gross domestic product growth might slump to five.5 percent within the June quarter of FY20 and higher thanks to addressing the priority was through rate cuts. At an equivalent event, chief economic adviser Krishnamurthy Subramanian, same that the govt "could not intervene every time a sector goes through a sunset".

The Sensex closed 587 points, or 1.59 percent, lower at thirty-six,473 with solely four of the thirty elements at the index commercialism within the inexperienced. affirmative Bank terminated the day because the biggest loser, whereas technical school Mahindra emerged because of the high gainer. The broader Nifty50, too, slipped 177 points, or 1.62 percent lower, to shut at ten,741-mark.

Sectorally, all the sectors resulted in the red except neat IT index, that gained on the rear of a weaker rupee. The domestic currency unerect forty paise intra-day to Rs seventy-one .96/ America greenback, its lowest level of 2019. neat real property index closed nearly seven percent lower, followed by neat Metal index (down three.6 percent), and neat PSU bank index (down three.5 percent). The neat IT index closed zero.23 percent higher.

In the broader market, the S&P BSE mid-cap closed 179 points, or 1.35 percent, lower at thirteen,081 whereas the S&P BSE small-capitalisation shed 271 points, or 2.19 percent, to settle at twelve,119 level.


Global share markets flatlined on Th, as uncertainty over the outlook for America rate cuts following the discharge of minutes from the Federal Reserve's last policy meeting unbroken investors edgy.

Minutes of the Fed's Gregorian calendar month meeting showed deep splits among policymakers over whether or not to chop interest rates last month, although there was some unity in desirous to signal it absolutely was not on a predetermined path to looser policy.

The MSCI world equity index, that tracks shares in forty-seven countries, was down 0.1 percent. In Europe, the monetary unit STOXX 600 fell zero.1 percent in stormy trade, following a zero.5 percent drop by MSCI's broadest index of Asia-Pacific shares outside Japan.

The Chinese yuan's slump to AN 11-year low additionally sapped their appetency for risk, with dealers spoken language state-owned banks were seen marketing bucks to support the yuan.

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