Sensex falls 300 points to close at 35,474, snaps three-day rally on global selloff; Nifty down 107 points

The 30-share Sensex, after starting off lower at 35,730.77, continued to slide as selling pressure picked up momentum and hit a low of 35,416.18, before settling 300.37 points, or 0.84 percent, down at 35,474.51.

Press Trust of India November 20, 2018 16:42:51 IST
Sensex falls 300 points to close at 35,474, snaps three-day rally on global selloff; Nifty down 107 points

Mumbai: Breaking its three-day rising streak, the BSE Sensex on Tuesday fell over 300 points on heavy selling by market participants, in step with a global selloff despite strengthening rupee and easing crude prices.

Besides, profit-booking in recent gainers too fuelled the downward trend.

The 30-share Sensex, after starting off lower at 35,730.77, continued to slide as selling pressure picked up momentum and hit a low of 35,416.18, before settling 300.37 points, or 0.84 percent, down at 35,474.51.

The index had risen 633 points in the last two sessions on the back of increased foreign fund inflows.

Sensex falls 300 points to close at 35474 snaps threeday rally on global selloff Nifty down 107 points

Representative image. Reuters

The 50-share NSE Nifty too dropped by 107.20 points, or 1 percent, to 10,656.20. Intra-day, it traded between 10,640.85 and 10,740.85.

According to Sunil Sharma, Chief Investment Officer, Sanctum Wealth Management, European indices opened lower as investors continued to monitor developments on Brexit.

"Technology companies had been leading the charge in the US and concerns about slowing growth and regulatory overhang, along with concerns around energy sector profitability, alongside rising interest rates led to the sell-off in the US," he said.

Markets are reacting to slowing US economic growth and all eyes remain focused on commentary out of the Fed, he added.

Reflecting the bearish mood, all the sectoral indices, led by metal, teck and healthcare, ended in the negative zone.

Yes Bank shares saw the sharpest fall among Sensex components, tumbling 6.10 percent after independent director Rentala Chandrashekhar resigned from the board on Monday.

Other big losers were Tata Steel falling 3.21 percent, Vedanta 2.89 percent, NTPC 2.42 percent, Bharti Airtel 2.09 percent, SBI 1.79 percent, HDFC 1.31 percent, ICICI Bank 1.24 percent and Maruti Suzuki 1.18 percent

Also, ONGC fell 1.17 percent, RIL 0.95 percent, Sun Pharma 0.95 percent, PowerGrid 0.90 percent, Coal India 0.83 percent, Bajaj Auto 0.71 percent, Tata Motors 0.54 percent, Hero MotoCorp 0.50 percent, HUL 0.43 percent, Asian Paint 0.40 percent, Axis Bank 0.37 percent, L&T 0.24 percent and ITC 0.11 percent.

Stocks of software services exporters also bore the brunt on stronger rupee, with TCS, Infosys and Wipro falling up to 2.59 percent.

Sectorwise, the BSE metal index dropped 2.82 percent, followed by IT 1.74 percent, teck 1.58 percent, healthcare 1.57 percent, PSU 1.15 percent, consumer durables 1.08 percent, power 1 percent, auto 0.83 percent, bankex 0.78 percent, FMCG 0.71 percent, infrastructure 0.62 percent, capital goods 0.37 percent and oil & gas 0.35 percent.

Broader markets, too, reflected a similar trend. The BSE mid-cap index fell 0.92 percent while the small-cap shed 0.86 percent.

Meanwhile, the rupee continued its rising spree for the sixth straight day, and strengthened by another 20 paise to trade at nearly three-month high of 71.47 against the dollar in late afternoon trade after the outcome from Monday's RBI board's meet removed uncertainty over a growing rift over policy decisions between the government and the central bank.

Elsewhere in Asia, Shanghai Composite Index plunged 2.13 percent, Hng Kong's Hang Seng fell 2.01 percent, Japan's Nikkei down 1.09 percent and Singapore index down 1.24 percent. Korea's KOSPI and Taiwan index fell 0.86 percent each.

In the Eurozone, Frankfurt's DAX lost 0.61 percent, Paris CAC 40 shed 0.70 percent, while London's FTSE shed 0.39 percent in their morning session.

Updated Date:

Find latest and upcoming tech gadgets online on Tech2 Gadgets. Get technology news, gadgets reviews & ratings. Popular gadgets including laptop, tablet and mobile specifications, features, prices, comparison.

also read

RBI maintains accommodative stance, leaves repo rate unchanged at 4%; hints at future relaxations
India

RBI maintains accommodative stance, leaves repo rate unchanged at 4%; hints at future relaxations

RBI had last revised its policy rate on May 22, in an off-policy cycle to perk up demand by cutting interest rate to historic low.

Telangana TS Inter recounting and re-verification results 2020 declared, check tsbie.cgg.gov.in
India

Telangana TS Inter recounting and re-verification results 2020 declared, check tsbie.cgg.gov.in

TSBIE said that a total of 37,387 students had applied for re-verification and 72,496 for re-counting. The process of re-verification and recounting started on 10 July

Odisha 10th result 2020 DECLARED: Alternative websites to check BSE Class 10 results if bseodisha.nic.in is down
India

Odisha 10th result 2020 DECLARED: Alternative websites to check BSE Class 10 results if bseodisha.nic.in is down

Odisha 10th result 2020 DECLARED | Students can access the Odisha Board of Secondary Education Class 10 results on examresults,net and indiaresults.com if official website is slow