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MARKET WRAP: Sensex slumps 709 pts on global sell-off; Voda Idea slips 13%

All that happened in the markets today

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MARKET WRAP | Markets | Standard & Poor's

SI Reporter  | New Delhi 

EVENT HIGHLIGHTS

Following global peers, the domestic equity market, too, came under heavy selling pressure and ended over 2 per cent lower on Thursday as the investor sentiment took a hit post US Federal Reserve's policy meeting outcome. The US central bank projected a 6.5 per cent decline in the US economy's gross domestic product (GDP) this year and a 9.3 per cent unemployment rate at the year's end. READ MORE

The S&P BSE Sensex tumbled 709 points or over 2 per cent to 33,538 while NSE's Nifty ended at 9,902, down 214 points or 2.12 per cent. 

In a major development, The Supreme Court on Thursday said the Department of Telecommunications' (DoT's) demand for Rs 4 trillion worth of adjusted gross revenue (AGR) dues from public-sector undertakings (PSUs) was "totally impermissible".  The court said DoT must consider withdrawing it. The Bench also asked private telecom operators to file affidavits giving details as to how they will pay the AGR dues. READ MORE

Telecom stocks ended lower. While Vodafone Idea slipped over 13 per cent to Rs 9.39, Bharti Airtel declined nearly 3 per cent to Rs 551.60 levels. All the PSU stocks, too, erased their gains and ended in the negative territory. 

Sectorally, all the indices on the NSE ended in the red with the Nifty PSU Bank index taking the biggest knock. The index fell nearly 4 per cent to 1,340.85 levels. Nifty Metal index fell around 3 per cent to 1,954.85 levels. 

Global markets

World shares took their biggest tumble in five weeks on Thursday as a sobering outlook from the challenged market optimism on the global economy, while bonds rallied on bets yet more stimulus would be needed to ensure recovery.

Asia saw a 10-day winning streak come to an abrupt finish and Europe’s main bourses all opened on a negative note.

MSCI’s 49-country index of world stocks slid 0.75 per cent in its largest daily loss in five weeks, while E-Mini futures for the S&P 500 fell 1.5 per cent to extend the previous session’s pullback on Wall Street.

In commodities, oil prices fell, hit by another record build-up in US crude inventories and the US Federal Reserve’s projections that the world’s biggest economy would shrink 6.5 per cent this year.

Brent crude futures erased Wednesday’s gains, falling 3.6 per cent, or $1.50, to $40.23 a barrel at the time of writing of this report. US West Texas Intermediate (WTI) crude dropped 4 per cent, or $1.57, to $38.03 a barrel.

(With inputs from Reuters)

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