LIVE TV DownloadNews18 App
News18 English
»
1-min read

Red Dawn on Dalal Street as Sensex Slumps 1,000 Points in Opening Trade, Nifty Below 10,200-Mark

Rupee hits all-time low of 74.45 against US dollar a day after the benchmark indices staged a strong comeback following the recent rout.

News18.com

Updated:October 11, 2018, 10:53 AM IST
facebookTwittergoogleskypewhatsapp
Loading...
Mumbai: Markets opened in deep red on Thursday with the benchmark BSE Sensex down 1,030 points to slip below the key 34,000-mark in early trade, tracking a global sell-off as the rupee hit yet another record low of 74.45 against the US dollar.

Traders attributed the carnage in domestic bourses to the sell-off in international bourses after US stocks tumbled on heavy correction in tech stocks, fresh concerns over Fed rate hike and looming impact of the US' trade war with the China.

Rising 10-year US treasury bonds, jumping above 3 per cent last week and the International Monetary Fund (IMF) slashing its global growth forecast and weakness in emerging markets, too spooked investors.

The 30-share BSE Sensex, which had gained 461.42 points Wednesday, slipped below the 34,000-mark by crashing 1,030.40 points, or 2.95 per cent, to 33,730.49 in opening trade. The broader Nifty slipped below the 10,200-mark by tumbling 281.70 points, or 2.69 per cent, to 10,178.70.

Widespread selling pulled down all sectoral indices led by realty, IT, metal and banking, that fell up to 3.66 per cent.

Top laggards include SBI, Tata Steel, Infosys, Axis Bank, Bharti Airtel, Yes Bank, Maruti Suzuki, HUL, TCS, HDFC, ICICI Bank, Adani Ports, Wipro, Tata Motors, ITC, Coal India, Bajaj Auto, L&T, Sun Pharma IndusInd Bank and M&M, dropping up to 3.99 per cent

In the forex market, the rupee slumped by 24 paise to an all-time low of 74.45 against the dollar due to heavy demand for the US currency from importers.

Foreign portfolio investors sold shares worth a net of Rs 1,096 crore Wednesday, provisional data showed.

Other Asian markets also plunged on Thursday morning following the worst session on Wall Street for months, further aggravated by US President Donald Trump's "the Federal Reserve has gone crazy" remarks.

The benchmark Nikkei 225, the Hang Seng in Hong Kong and the Shanghai Composite all plummeted more than three percent in early morning trade, as investors fretted about surging interest rates and an ongoing trade war.

The steep drop in Asia followed a decline on Wall Street of nearly 830 points, the biggest fall since February, amid Trump's latest criticism of the Federal Reserve, the US central bank. "I think the Fed is making a mistake. It's so tight. I think the Fed has gone crazy," Trump told reporters as he arrived for a campaign rally ahead of the US mid-term elections.

| Edited by: Sumedha Kirti
Read full article
Loading...
Next Story
Next Story

Also Watch

facebookTwittergoogleskypewhatsapp
Most Active
Company Price Change %Gain
HDFC Bank 2,276.15 -0.99
Reliance 1,341.75 -2.45
Maruti Suzuki 6,552.70 -1.81
Yes Bank 252.60 0.18
Axis Bank 757.05 0.17
Company Price Change %Gain
UPL 934.95 0.02
Axis Bank 757.35 0.24
Cipla 526.85 -1.17
Motherson Sumi 146.05 -7.06
SpiceJet 98.10 7.04
Top Gainers
Company Price Change %Gain
NTPC 134.65 4.18
Larsen 1,394.70 1.74
JSW Steel 285.75 1.22
Asian Paints 1,471.25 1.04
Hindalco 209.10 0.94
Company Price Change %Gain
NTPC 134.05 3.67
Larsen 1,394.00 1.54
Asian Paints 1,470.70 1.08
Tata Steel 518.15 0.90
Power Grid Corp 198.50 0.53
Top Losers
Company Price Change %Gain
Bharti Infratel 316.10 -2.75
Tata Motors 175.40 -2.66
BPCL 378.95 -2.62
HPCL 268.35 -2.45
Reliance 1,341.75 -2.45
Company Price Change %Gain
Tata Motors 175.40 -2.47
Reliance 1,342.10 -2.44
Maruti Suzuki 6,558.00 -1.84
SBI 298.10 -1.76
Bajaj Finance 2,836.85 -1.23

Live TV

Loading...
Countdown To Elections Results
  • 01 d
  • 12 h
  • 38 m
  • 09 s
To Assembly Elections 2018 Results