Markets Close on Seven-Month Low as Sensex Tanks 470 Points

Sensex hit the intra-day low of 36,064.82 on Thursday afternoon, down 500 points from Wednesday’s closing mark.

Stock markets have taken a hit because of the rise in crude oil prices.

(Photo: PTI)

Equity markets witnessed a seven-month low on Thursday, 19 September, as the BSE Sensex ended 1.29 percent lower at 36,093 and the NSE Nifty 50 closed 1.25 percent lower at 10,704.80.

The broader markets represented by the NSE Nifty 500 Index ended 1.25 percent lower.

The 30-share BSE index hit the intra-day low of 36,064.82 on Thursday afternoon, down 500 points from Wednesday’s closing mark of 36,563.88. The broader 50-share NSE Nifty too faced similar losses and slipped under the psychological mark of 10,700.

All sectoral sub-indices were trading in the red with Nifty Metal and Nifty PSU Bank losing the most at 2 percent each.

According to traders, global investor sentiment turned cautious after the US Federal Reserve cut its benchmark interest rate by 25 basis points, but dimmed hopes for further rate cuts as it took a cautious approach to further reductions in borrowing costs.

Sustained foreign fund outflow too weighed on market sentiment here, traders said.

On Wednesday, foreign portfolio investor sold shares worth a net of Rs 959.09 crore, while domestic institutional investors bought equities worth Rs 780.45 crore, provisional data showed.

Meanwhile, the currency markets too opened on a sour note as Rupee depreciated by 24 paise to open at 71.36 against the US dollar.