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MARKET WRAP: Sensex plunges 560 pts; sees third biggest fall in 2019

In the broader market, S&P BSE MidCap closed 285 points, or 2 per cent, lower at 14,078 level while the S&P BSE SmallCap slipped 248 points, or 1.83 per cent, at 13,310 levels.

SI Reporter  | New Delhi 

EVENT HIGHLIGHTS

markets
saw the third-worst fall of 2019 on Friday as benchmark indices S&P BSE Sensex and Nifty50, both, fell to two-month low. The indices touched intra-day lows of 38,271 level at Sensex and 11,399 mark at Nifty. 'Super-rich tax' concerns on FPI, trade war tenions and weak corporate earnings contributed to the fall.

The Sensex tanked 560 points, or 1.44 per cent, to close at 38,337 levels with 26 of the 30 stocks listed at the index ending in the red. IndusInd Bank, Bajaj Finance, M&M, and YES Bank were the top laggards while only NTPC, TCS, PowerGrid and ONGC ended in the green. The Nifty50, too, lost 178 points, or 1.53 per cent, to settle at 11,419 mark. Of the 50 stocks listed at the index, only 7 stocks advanced while the remaining 43 declined. 

In the broader market, S&P BSE MidCap closed 285 points, or 2 per cent, lower at 14,078 level while the S&P BSE SmallCap slipped 248 points, or 1.83 per cent, at 13,310 levels.

Sectorally, all the indices ended in the red. Nifty Auto index, too, tanked to two-month low to end 3.31 per cent lower. This was followed by losses in Nifty Private Bank index and Nifty Pharma index, down 2.45 per cent and 2.23 per cent respectively. 

The Nifty Auto index hitting a three-year low on Friday. Thus far in the calendar year 2019, auto index slipped 21 per cent, against 5 per cent rise in the benchmark index. M&M, Motherson Sumi Systems, TVS Motor Company, Exide Industries, Escorts, MSIL, Eicher Motors, Hero MotoCorp, Bosch and Ashok Leyland have seen market value erosion of more than 22 per cent during the period. READ MORE HERE

GLOBAL CUES

Global stocks rose on Friday as investors firmed up bets on a U.S. interest rate cut at the end of July after a speech by a top Federal Reserve official further cemented expectations for one, fuelling appetite for risky assets and capping the dollar.

Japan's Nikkei ended 2 per cent higher while South Korea's Kospi gained 1.35 per cent.

(With inputs from Reuters)

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