Sensex tanks 324 points on slowdown fears; Nifty drops below 8,400-level

Our Bureau |Agencies | | Updated on: Dec 06, 2021

sensex

The benchmark BSE Sensex plunged over 320 points on global risk aversion as fading expectations for an imminent US interest rate hike following Federal Reserve meeting minutes stoked anxiety about the health of the global economy.

The 30-share BSE index Sensex plunged 323.82 points or 1.16 per cent to 27,607.82 and the 50-share NSE index Nifty dropped 122.4 points or 1.44 per cent to 8,372.75.

Barring FMCG and healthcare, all other BSE sectoral indices ended in the red. Among them, realty index plunged the most by 4.13 per cent, followed by metal 2.39 per cent, banking 2.33 per cent and IT 2.27 per cent, while FMCG index was up 1.34 per cent and healthcare 0.38 per cent.

Major Sensex gainers were Lupin (+5.39%), ITC (+3.9%), Dr Reddy's (+1.54%), Sun Pharma (+0.91%) and HUL (+0.03%), while the top five losers were VEDL (-4%), Axis Bank (-3.68%), Reliance (-3.55%), Tata Steel (-3.3%) and BHEL (-3.3%).

Infosys shares were down 3.14 per cent on speculation that it may announce acquisitions which may weigh on its earnings.

Infosys will make an announcement at 5 p.m., according to the company's website.

A report by SMC Investments and Advisors said: "Asian shares were lower as minutes from the US Federal Reserve dented expectations for a rate hike in mid-September, and concerns about slowing growth in China too weighed on sentiment. Overnight, US stocks ended Wednesday's session lower, as losses in the energy sector overshadowed the release of the minutes of the Federal Reserve's policy-setting committee."

Global markets

Europe shares extended their losing streak on Thursday, tracking global weakness after US Federal Reserve minutes dented expectations for a rate hike in mid-September and commodities took a hit from slowdown fears.

The pan-European FTSEurofirst 300 index was down 0.6 per cent at 0713 GMT, with blue-chip indexes in London, Paris and Frankfurt down 0.4 to 0.8 per cent.

Concerns about slowing growth in China sent A sian shares to two-year lows and pressured oil prices on Thursday while minutes from the US Federal Reserve's July meeting dented expectations for a rate hike in mid-September.

MSCI's broadest index of Asia-Pacific shares outside Japan shed 0.9 per cent with all markets in the region except New Zealand posting declines.

Published on August 20, 2015
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