Friday, 22 June, 2018

Sensex sinks 300 points to close below 35k-mark

Sensex sheds 156 points on political uncertainty Sensex swings to counting trends
Gerardo Duncan | 18 May, 2018, 16:14

The rupee weakened by 17 paise to 67.87 against the United States dollar in early trade at the interbank forex market.

Globally, crude oil prices inched closer to $80 per barrel, stoking fears of rising import bills and worsening fiscal deficits for energy importers like India.

Trends at other Asian markets, however, was better as investors kept a cautious watch on developments in US-China trade negotiations.

NSE benchmark Nifty dropped by 60.75 points to end at 10,741.10 in a volatile session as uncertainties around government formation in Karnataka and growing geopolitical tensions in Korean peninsula hurt investor sentiment.

The BSE Sensex drifted lower by another 125 points in early trade today amid unabated foreign fund outflows and surging global crude oil prices. "Whatsoever be the final outcome, this will give more depth to the market as concern over the performance of BJP in the next general election of 2019 will reduce", Vinod Nair, head of research, Geojit Financial Services Ltd, said. Although trading with a mild gain of 0.05 per cent, MSCI's broadest index of Asia-Pacific shares outside Japan was headed for a 1 per cent loss for the week.

Sectoral indices led by IT, Teck, capital goods, oil and gas, banking and PSU were trading in the red.

In terms of investments, provisional data with the exchanges showed that foreign institutional investors sold scrips worth Rs 699.22 crore, while the domestic institutional investors bought stocks worth Rs 229.06 crore. China's Shanghai Composite index too rose 0.46 per cent.

The Nifty slumped 147.8 points or 1.35 per cent from its days high and finally ended the day at 10,801.85, down 0.04 per cent or 4.75 points.

On the other hand, reality jumped by 2.06 per cent, FMCG 1.81 per cent, media 0.56 per cent and IT 0.15 per cent.

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