Market crashes amid dismal global cues

Key benchmark indices crashed in early trade amid global market rout. At 9:20 IST, the barometer index, the S&P BSE Sensex, was down 1024.50 points or 2.95% at 33,736.39. The Nifty 50 index was down 306.55 points or 2.93% at 10,153.55.

Among secondary barometers,the BSE Mid-Cap index was down 3.27%. The BSE Small-Cap index was down 2.96%. Both these indices underperformed the Sensex.

The market breadth, indicating the overall health of the market, was quite weak. On BSE, 167 shares rose and 1176 shares fell. A total of 36 shares were unchanged.

Tata Steel (down 4.2%), State Bank of India (down 3.31%), Axis Bank (down 3.29%), Yes Bank (down 3.01%), Reliance Industries (down 2.98%) and Vedanta (down 2.84%), were the major Sensex losers.

Software giant TCS was down 1.86%. The company will announce its Q2 September 2018 earnings on Thursday, 11 October 2018.

Overseas, Asian shares slumped on Thursday after Wall Street suffered its worst drubbing in eight months.

Trading in US index futures indicated that the Dow Jones Industrial Average could slump 229 points at the opening bell today, 11 October 2018.

US stocks slumped to close sharply lower Wednesday as the Dow Jones Industrial Average sank and the S&P 500 had its worst day since February as technology stocks went into a freefall. Investors spooked by rising bond yields dumped equities in all sectors, triggering a broad market rout. The surge in bond yields made stocks look less attractive compared to bonds while also threatening to curb economic activity and profits.

President Donald Trump reportedly knocked the US Federal Reserve for continuing to raise interest rates despite some recent market turbulence. Trump's comments on the central bank Wednesday came a day after he said he did not like what they were doing in terms of monetary policy.

In the latest US economic data, the producer-price index rose 0.2% in September, while the core PPI was up 0.4%. Separately, wholesale inventories in the US rose 1% in August.

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