Sensex on crash course, cracks 324 pts on global sell-off

The stock market found itself at the receiving end of a sharp global sell-off in equities and currencies today as the benchmark BSE Sensex tanked 324 points to end the day at 27,607.82.
Minutes of US Fed's July meeting suggested that the officials were in broad agreement that the economy is nearing a point which calls for a rate "lift-off", which added to the anxiety level.
European shares were ruling markedly lower over concerns about gloomy outlook of global economies.
The rupee fell to almost a two-year low of 65.50. Emerging market currencies fared no better as Turkish Lira and South African Rand went downhill.

Commodities took a blow as Brent fell 1.59 per cent to USD 46.41 in the global market. Metal prices too came under pressure and melt.
Positive comments from RBI Governor Raghuram Rajan that Indian economy is showing signs of a pick-up failed to lift mood.

The 30-share index resumed higher, but slid thereafter on intense selling, settling at 27,607.82, down 323.82 points, or 1.16 per cent.
As many as 26 in the Sensex pack ended with losses.
The NSE Nifty slumped below the 8,400-level, tumbling 122.40 points, or 1.44 per cent, to close at 8,372.75.
This is Nifty's biggest single-day percentage fall since July 27. Intra-day, it hovered between 8,501.35 and 8,359.

"Sharp sell-off was witnessed across the globe after the release of FOMC minutes, which suggest that Fed can hike rate in September. Continuous fall in commodity prices, rupee weakness, sell-off by foreign portfolio investors and profit booking dampened sentiment of investors," said Gaurav Jain, Director, Hem Securities.
Vedanta took the maximum battering, which plunged 4 per cent, followed by Axis Bank.
RIL, BHEL, Tata Steel, GAIL, SBI and Infosys were among those which lost too.
Sector-wise, BSE realty index bore the brunt, down 4.13 per cent, followed by metal, banking, IT and PSU.
Earlier in the day, major Asian markets ended the day in the red. China's Shanghai Composite took a sharp fall of 3.42 per cent.

Meanwhile, foreign investors sold shares worth Rs 423.72 crore yesterday.