Shares crash as global rout sparks sell-off

The market crashed amid broad based selloff after Wall Street's worst losses in eight months triggered a surge of global selling that knocked over Asia too. The barometer index, the S&P BSE Sensex, fell 759.74 points or 2.19% to 34,001.15, as per the provisional closing data. The Nifty 50 index fell 225.45 points or 2.16% to 10,234.65, as per the provisional closing data.

Among secondary barometers, the BSE Mid-Cap index fell 2.34%. The BSE Small-Cap index fell 1.41%.

The market breadth, indicating the overall health of the market, was weak. On BSE, 828 shares rose and 1761 shares fell. A total of 142 shares were unchanged.

Software giant TCS fell 2.40%. The company will announce its Q2 September 2018 earnings today, 11 October 2018.

State Bank of India (down 5.66%), Tata Steel (down 4.72%), Mahindra & Mahindra (down 4.67%), Vedanta (down 4.36%), Infosys (down 3.58%), Tata Motors (down 3.36%) and Adani Ports & Special Economic Zone (down 3.31%), were the major Sensex losers.

Yes Bank (up 2.82%), ONGC (up 2.22%) and Hindustan Unilever (up 0.62%), rose in the Sensex pack.

In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 74.15, compared with its close of 74.21 during the previous trading session. Rupee hit a record low of 74.50 in early deals today.

Overseas, European stocks were sharply lower, as a sell-off in US equities dragged down global markets. In Europe, Brexit is largely in focus after the European Union's chief Brexit negotiator, Michel Barnier, struck an optimistic tone on a deal for the UK's eventual withdrawal from the bloc, saying an agreement was achievable as soon as next week.

Asian shares slumped on Thursday after Wall Street suffered its worst drubbing in eight months. Investors are turning their attention to Chinese trade data due Friday for a read on whether the trade dispute is seeping through in the data. They'll also be keeping an eye on inflation data scheduled for Thursday in the US.

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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