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Indian markets plunge over volatile crude prices, weak global cues

Sentinel Digital DeskBy : Sentinel Digital Desk

  |  4 Feb 2016 12:00 AM GMT

Mumbai, Feb 3: A benchmark index for Indian equities, the sensitive index (Sensex) of the Bombay Stock Exchange on Wednesday, closed 315.68 points, or 1.29 percent down for the third consecutive day over continuing volatility in crude prices and weak global cues.

The 30-share Sensex, which opened at 24,393.59 points, closed at 24,223.32 points — down 315.68 points, or 1.29 percent, over the previous trading day’s close at 24,539 points. It touched a high of 24,409.26 points and a low of 24,187.54 points in Wednesday’s trade.

The wider Nifty of the tiol Stock Exchange also closed 93.75 points or 1.26 percent lower at 7,361.80 points. “The continuing volatility in crude price has dragged the benchmark indices for the third day. The rising uncertainty in global market is influencing the investors to pull out funds from the emerging markets,” Vinod ir, head - fundamental research, Geojit BNP Paribas Fincial Services, said.

“At home the budget could be the next trigger since it is the FM’s turn to give confidence to the global investors by way of structural reforms and the way to achieve the fiscal deficit target of 3.5 percent in 2016-17,” he added.

“Market continued its southward journey post hawkish tone of RBI governor in its meet yesterday. Further, weak global cues, worries of Chinese slowdown and continued selling by foreign portfolio investors weighed on the sentiment. Depreciating rupee also created worries for the investors,” Gaurav Jain, director, Hem Securities, said.

In Wednesday’s trade, heavy selling pressure was seen in power, capital goods, industrials and realty sectors. Among the sector-specific indices of the Mumbai bourse, power index plunged by 4.16 percent, capital goods index fell by 2.79 percent, industrials index dropped by 2.69 percent and realty index went down by 2.63 percent.

The 100-scrip and 200-scrip indices were down by 1.37 percent and 1.36 percent respectively. Mid-cap index was down by 1.30 percent and small-cap stocks ended 2.25 percent lower.

There were only three Sensex gainers on Wednesday - Hindustan Unilever, up 2.66 percent at Rs.821.45; Tata Consultancy Services, up 0.65 percent at Rs.2417.05; and Sun Pharma, up 0.24 percent at Rs.836.35.

The losers were: Bharat Heavy Electricals Ltd, down 4.86 percent at Rs.128.30; NTPC, down 4.10 percent at Rs.128.75; Tata Steel, down 3.24 percent at Rs.224; and ICICI Bank, down 3.09 percent at Rs.204.10. Among the Asian markets, Japan’s Nikkei went down by 3.15 percent, Chi’s Shanghai Composite Index was lower by 0.35 percent, and Hong Kong’s Hang Seng was lower by 2.34 percent. In Europe, London’s FTSE 100 was down by 0.44 percent, France’s CAC 40 slipped by 0.18 percent, and Germany’s DAX Index was lower by 0.70 percent at the closing in the Indian markets. (IANS)

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