Sensex ends 309 points lower; Nifty settles at 10667-mark

06 February, 2018, 15:09 | Author: Sheri Evans
  • Sensex falls over 1000 points Nifty down 315 points as US markets roiled

It has been a Terrible Tuesday in the Indian markets.

In yesterday's closing Sensex plunged almost 310 points to close at a three-week low of 34,757.16 and the NSE Nifty fell over 94 points to 10,667, dragged down concerns over certain budget proposals and sell-offs in global markets. While the budget proposal of 10 per cent long-term capital gains (LTCG) tax on equities and overshooting of fiscal deficit target hit the sentiment, the two per cent fall in Wall Street and other global markets added to the selling exercise.

BSE Sensex traded lower by 905.38 points, or 2.60 percent, to 33,851.78.

People are reacting to the fall in the market in front of Bombay Stock Exchange on Friday.

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Asian markets followed the trend with Tokyo diving more than 5 per cent, Hong Kong 4 per cent and Sydney 3 per cent, Singapore 2.3 per cent, Seoul 3 per cent, Taipei 3.7 per cent, and Shanghai 2.1 per cent.

The BSE Sensex rose by 200.95 points to close at an all-time high of 32,633.64 as investor optimism climbed following encouraging comments from the International Monetary Fund chief.

The Sensex provisionally closed (at 3.30 p.m.) at 34,195.94 points - down 561.22 points or 1.61 per cent - from its previous close at 34,757.16 points.

Nifty 50 fell 186.50 points or 1.75 percent to 10,480. On Monday, the Indian currency closed flat at 64.07 against the U.S. currency amid sharp losses in local equities.

Dow Jones industrials sink 500 points
Meanwhile wages rose at the fastest pace in more than eight years, suggesting employers are competing more fiercely for workers. The U.S. central bank has forecast three rate increases this year after raising borrowing costs three times in 2017.

Overnight, U.S. stocks suffered one of their worst days in more than six years as concerns over returning inflation and higher interest rates overshadowed some upbeat economic news.

Domestic MFs witnessed total inflows of Rs 1.69-lakh crore in 2017.

"It is very unfortunate that our move came at a very wrong time because of global markets also going down", he said.

Foreign portfolio investors (FPIs) sold shares worth Rs 1,263.57 crore on net basis while domestic institutional investors (DIIs) bought equities to the tune of Rs 1,163.64 crore yesterday, provisional data showed. As a result, Japan's Nikkei dropped 4% in early trade on Tuesday and Australia's S&P ASX 200 fell 3%. Australian shares dropped 3.0 percent to their lowest level since October while South Korean shares dropped 2.0 percent.

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