Fiscal deficit data unnerves markets, Sensex crashes 453 pts
Mumbai: Stocks went into a tailspin on Thursday, with benchmark Sensex suffering its biggest single-day fall in one year, after growing fiscal deficit concerns triggered a flight to safety among investors.
The BSE Sensex plummeted over 453 points to close at 33,149.35, while the broader Nifty finished below the key 10,300-mark.
Investors' wealth as measured by market capitalisation of BSE listed companies declined by over Rs 1.06 lakh crore.
India's fiscal deficit at the end of October hit 96.1 per cent of the budget estimate for 2017-18, mainly due to lower revenue realisation and rise in expenditure, official data showed.
Participants also kept their portfolios at a low ebb ahead of the second quarter GDP numbers.
Squaring-up of positions following end of November series contracts in the derivatives segment and a weak trend at other Asian markets also weighed on sentiment, brokers said.
The Sensex, after a gap down opening at 33,542.50, continued its slide to touch a low of 33,108.72. It finally settled 453.41 points or 1.35 per cent lower at 33,149.35.