Sensex, Nifty tumbles over 3.6 pc after global sell-off

06 February, 2018, 15:05 | Author: Martin Tyler
  • A stock broker looks at a television screen in Mumbai as Finance Minister Arun Jaitley presents India's first unified

The Wall Street indexes also rose due to the advancement in the Asian stocks on Tuesday and also due to the deal between the USA senators regarding the government shutdown. Here is how it all started.

Mumbai: The BSE Sensex cracked below the 34,000-mark by plunging about 1,275 points or 3.6 per cent in opening trade today due to across-the-board losses after investor sentiment was hit by a sell-off in world markets.

At 10:18 am: The key equity indices seem to be continuing their free-fall with Sensex and Nifty again falling sharply. The S&P BSE Mid-Cap index was down 624.32 points, or 3.77% to 15,935.23. "Hence, we continue to remain cautious and expect the Nifty to slide towards 10,597- 10,500 in days to come", said Sameet Chavan, chief technical and derivative analyst at Angel Broking.

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Timken India lost 5.5% to Rs 820.05 at 09:49 IST on BSE after net profit declined 30.95% to Rs 9.17 crore on 20.61% increase in net sales to Rs 278.58 crore in Q3 December 2017 over Q3 December 2016.

The trigger for the sell-off was a sharp rise in USA bond yields following Friday's data that showed U.S. wages increasing at the fastest pace since 2009, raising the alarm about higher inflation and with it potentially higher interest rates.

India's volatility index (VIX), soared 5 per cent on the National Stock Exchange (NSE) signalling the underlying nervousness in the market.

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The heavy profit booking comes after months of surges fuelled by corporate earnings, global outlook and optimism over the USA economy. It plunged by over 300 points or 3.00 per cent.

The foreign fund selling is taking a toll on the strength of the Indian currency, too, with the rupee now at 64.07 a dollar compared with 63.59 the day before the Budget. Axis Bank, YES Bank, Adani Ports and Tata Steel declined up to 4.27 percent.

MSCI's broadest index of Asia-Pacific shares outside Japan dropped 2.8 percent to one-month low, which would be its biggest fall in more than a year and a half, a day after it had fallen 1.6 percent. Australian shares dropped 3.0 percent to their lowest since October while South Korean shares fell 3.0 percent.

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