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MARKET WRAP: Sensex tumbles 587 pts, Nifty below 10,750; small-caps bleed
All the sectors ended in the red except Nifty IT index, which gained on the back of a weaker rupee. The domestic currency slumpped 40 paise intra-day to hit a 2019 low of Rs 71.96/ US dollar.
Markets continued to reel under pressure of the economic slowdown on Thursday with the benchmark S&P BSE Sensex and Nifty50 slipping nearly 700 and 190 points, repsectively from day's high to hit low of 36,391 and 10,718, respectively. Nifty Bank shed 800 points intra-day to close at the lowest level since February 2019.
Former finance secretary Subhash Chandra Garg, said at an event that the GDP growth could slump to 5.5 per cent in the June quarter of FY20 and better way to address the concern was through interest rate cuts. At the same event, chief economic advisor Krishnamurthy Subramanian, said that the government "could not intervene everytime a sector goes through a sunset".
The Sensex closed 587 points, or 1.59 per cent, lower at 36,473 with only 4 of the 30 components at the index trading in the green. YES Bank ended the day as the biggest loser, while Tech Mahindra emerged as the top gainer. The broader Nifty50, too, slipped 177 points, or 1.62 per cent lower, to close at 10,741-mark.
Sectorally, all the sectors ended in the red except Nifty IT index, which gained on the back of a weaker rupee. The domestic currency slumped 40 paise intra-day to Rs 71.96/ US dollar, its lowest level of 2019. Nifty Realty index closed nearly 7 per cent lower, followed by Nifty Metal index (down 3.6 per cent), and Nifty PSU bank index (down 3.5 per cent). The Nifty IT index closed 0.23 per cent higher.
In the broader market, the S&P BSE mid-cap closed 179 points, or 1.35 per cent, lower at 13,081 while the S&P BSE small-cap shed 271 points, or 2.19 per cent, to settle at 12,119 level.
Global share markets flatlined on Thursday, as uncertainty over the outlook for US interest rate cuts following the release of minutes from the Federal Reserve's last policy meeting kept investors on edge.
Minutes of the Fed's July meeting showed deep splits among policymakers over whether to cut interest rates last month, though there was some unity in wanting to signal it was not on a preset path to looser policy.
The MSCI world equity index, which tracks shares in 47 countries, was down 0.1 per cent. In Europe, the Euro STOXX 600 fell 0.1 per cent in choppy trade, following a 0.5 per cent drop in MSCI's broadest index of Asia-Pacific shares outside Japan.
The Chinese yuan's slump to an 11-year low also sapped their appetite for risk, with dealers saying state-owned banks were seen selling dollars to support the yuan.
(With inputs from Reuters)
(With inputs from Reuters)