Markets Take a Turn for the Worse; Sensex Tanks 300 Points
Losses intensify on Dalal Street as Europe opens weak, Asia closes with deep cuts.
Markets intensified losses in afternoon trade. The Sensex tanked over 300 points in trade on Wednesday, tracking the weakness seen in European markets and mixed cues from other Asian markets.
The Nifty was also broke below its crucial psychological level of 7,800.
The broader market outperformed the benchmark indices but were still trending lower, the BSE midcap and BSE smallcap indices slipped 0.47 and 0.41 per cent in trade. Among the sectoral indices, the BSE IT index was the top loser, down 2 per cent.
The shares of Jet Airways, InterGlobe Aviation and SpiceJet slipped up to 3 per cent as CCI imposed a combined fine of Rs 256 crore on the three airline companies.
The European markets traded with losses. The German DAX was down 0.54 per cent while the French CAC40 was down 0.76 per cent. The pan-European Euro Stoxx index was trading lower by 0.6 per cent. Britain’s FTSE100 index was also down 0.3 per cent.
Most other Asian markets traded mixed. Japan’s Nikkei ended 0.9 per cent higher while the South Korean Kospi closed with mild losses of 0.04 per cent. Hong Kong’s Hang Seng index was down 0.2 per cent while mainland China’s Shanghai Composite ended with losses of 1 per cent.
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