Sensex, Nifty at 3-week low, down 1.5 pc on global sell-off
2 Aug 2014 5:38 AM IST
Across-the-spectrum sell-off caused by distinctly weak global markets amid increased capital outflows, send the benchmark S&P BSE Sensex down by a massive 414 points -largest fall since 8 July, 2014 in absolute term, to settle at nearly three-week low of 25,480.84, extending losses for the second day in a row.
The broad-based 50-issue CNX Nifty of the NSE also plunged by 118.70 points or 1.54 pct to end at almost 3-week low of 7,602.60.
The market resumed on a weak note after Asian stocks showed feeble trend on the back of steep fall on Wall Street on Thursday -biggest fall of 317 points or 1.88 pct in the Dow Jones Industrial Averave since February this year. Weak Eurozone data and news of Argentina’s debt default and rise in US Jobless claims shook the market, affecting the sentiment on the local bourses. Weakening of the rupee value that dropped above 61-mark against the dollar to trade at over three-month low has also a negative impact on the sentiment. Selling was seen across-the-board as all 12 sectoral indices closed in the red between 0.9 pct and 3.27 pct with Consumer durable, Oil&Gas, capital goods, power and IT taking the lead in the downslide.
Index-based counters like RIL, HDFC, ITC, TCS, HDFC Bank, ONGC, Sun Pharma, Tata Motors, Infosys, M&M and SSLT suffered heavy losses and together contributed over 350 points fall to the sensex.
The BSE 30-share barometer resumed lower and remained in negative ground throughout the day before ending at 25,480.84, revealing a fall of 414.13 points or 1.60 pct. Similarly, the 50-issue CNX Nifty of the NSE also slumped by 118.70 points or 1.54 pct to 7,602.60. Jignesh Chaudhary, Head of Research, Veracity Broking Services said, ‘Today local equities lost more than over one & half per cent taking cues from global sell off.’
The broad-based 50-issue CNX Nifty of the NSE also plunged by 118.70 points or 1.54 pct to end at almost 3-week low of 7,602.60.
The market resumed on a weak note after Asian stocks showed feeble trend on the back of steep fall on Wall Street on Thursday -biggest fall of 317 points or 1.88 pct in the Dow Jones Industrial Averave since February this year. Weak Eurozone data and news of Argentina’s debt default and rise in US Jobless claims shook the market, affecting the sentiment on the local bourses. Weakening of the rupee value that dropped above 61-mark against the dollar to trade at over three-month low has also a negative impact on the sentiment. Selling was seen across-the-board as all 12 sectoral indices closed in the red between 0.9 pct and 3.27 pct with Consumer durable, Oil&Gas, capital goods, power and IT taking the lead in the downslide.
Index-based counters like RIL, HDFC, ITC, TCS, HDFC Bank, ONGC, Sun Pharma, Tata Motors, Infosys, M&M and SSLT suffered heavy losses and together contributed over 350 points fall to the sensex.
The BSE 30-share barometer resumed lower and remained in negative ground throughout the day before ending at 25,480.84, revealing a fall of 414.13 points or 1.60 pct. Similarly, the 50-issue CNX Nifty of the NSE also slumped by 118.70 points or 1.54 pct to 7,602.60. Jignesh Chaudhary, Head of Research, Veracity Broking Services said, ‘Today local equities lost more than over one & half per cent taking cues from global sell off.’
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