Millennium Post

Sensex slides 322 pts on China-led global sell-off

Persistent selling pressure due to a sell-off in China and weak cues in other global markets dragged down benchmark Sensex on Tuesday by 322.39 points to over one-month closing low of 27,797.01.

The NSE barometer Nifty also tanked 97.55 points to end below 8,400-mark at 8,340.70 amid investors booking profits for the third straight session. Shares of power, metal, capital goods, consumer durables, refinery, banking and auto sectors were among the major losers. The overall market breadth was very weak as about 900 stocks rose while over 2,000 scrips fell.

Rising gold imports widened current account deficit to $10.1 billion or 2.1 per cent of GDP in July-September quarter of this fiscal, up from 1.2 per cent a year-ago, but experts are hopeful that it will remain in comfortable zone to be financed by growing capital inflows. The BSE Sensex resumed higher at 28,134.22 and firmed up further to 28,157.53 on initial strong demand in view of good foreign capital inflows.

However, it declined afterwards to 27,763.82 before ending at over one-month low of 27,797.01, showing a sharp fall of 322.39 points or 1.15 per cent on fag-end selling. It has now lost 765.81 points, or 2.68 per cent, in last 3 days. "Pressurized by weak global cues mainly from China, the domestic bourses slid further down and lost more than a percent in the end. On the macro-front, India's CAD widened for the second quarter of the current financial year, added to selling pressure. Profit taking was widespread," said Jayant Manglik, President-retail distribution, Religare Securities.
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