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Global sell-off infects India; Sensex plunges 350 points

Global sell-off infects India; Sensex plunges 350 points
The Sensex, which had lost 34.74 points on Tuesday, nosedived by 349.99 points, or 1.33 per cent, to end at 25,999.34, its weakest closing since 13 August.

Intra-day, the 30-share index touched day's high of 26,462.08 on continued weakness in global crude price and exit polls showing the BJP is gaining in Maharashtra and Haryana polls. However, a late sell-off in line with global markets, pulled it down to hit a low of 25,933.98.

All the BSE sectoral indices led by consumer durables, power and metal finally ended in the negative zone racking up losses of up to 4.25 per cent. Just four stocks ended in green in the Sensex while 26 counters fell. On similar lines, the broad-based Nifty of the National Stock Exchange cracked the 7,800-mark by falling 115.80 points, or 1.47 per cent, to close at 7,748.20. Overall, more than 2,100 stocks closed down while about 750 shares ended higher on the BSE.

‘Negative global cues and weak macro-economic data pushed the benchmark indices deep in red,’ said Jayant Manglik, President-retail distribution, Religare Securities. Major Sensex losers include RIL, Mahindra and Mahindra, L&T, Infosys, ICICI Bank, SBI, ONGC, HDFC Ltd, HDFC Bank, Dr Reddys, Bharti Airtel and Tata Power. European stock markets tumbled over 2 per cent after poor US data raised concerns about the US economy while continued eurozone's woes and China's slowdown weighed on sentiment.

Stocks of Bajaj Auto fell 1.72 per cent after the firm reported 29 per cent drop in net profit for September quarter. In the metal space, Hindalco suffered the most by tumbling over 5.4 per cent, followed by Sesa Sterlite by 4 per cent and Tata Steel down 3.57 per cent. Asian stock closed lower on mounting anxiety over global growth and the spread of Ebola virus. Key indices in Hong Kong, Singapore, Japan, South Korea, China and Taiwan fell by 0.25 per cent to 2.72 per cent.
PTI

PTI

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