ADVERTISEMENT

Sensex Crashes Over 1,030 points, Slips Below Key 34,000-Mark 

The broader Nifty slipped below the 10,200-mark by tumbling 281.70 points, or 2.69 percent, to 10,178.70.

Published
Business
2 min read
Benchmark BSE Sensex on Thursday, 11 October, crashed over 1,030 points, to slip below the key 34,000-mark in early trade. 
i

Benchmark BSE Sensex on Thursday, 11 October, crashed over 1,030 points, to slip below the key 34,000-mark in early trade, tracking a global sell-off as the rupee hit yet another record low of 74.45 against the US dollar.

Traders attributed the carnage in domestic bourses to the sell-off in international bourses, after US stocks tumbled on heavy correction in tech stocks, fresh concerns over Fed rate hike and looming impact of the US' trade war with the China.

Rising 10-year US treasury bonds, jumping above 3 percent last week, and the International Monetary Fund (IMF) slashing its global growth forecast and weakness in emerging markets also spooked investors.

ADVERTISEMENT
The 30-share BSE Sensex, which had gained 461.42 points on Wednesday, 10 October, slipped below the 34,000-mark by crashing 1,030.40 points, or 2.95 percent, to 33,730.49 in opening trade.

The broader Nifty slipped below the 10,200-mark by tumbling 281.70 points, or 2.69 percent, to 10,178.70.

Widespread selling pulled down all sectoral indices led by realty, IT, metal and banking, that fell up to 3.66 percent.

Top laggards include SBI, Tata Steel, Infosys, Axis Bank, Bharti Airtel, Yes Bank, Maruti Suzuki, HUL, TCS, HDFC, ICICI Bank, Adani Ports, Wipro, Tata Motors, ITC, Coal India, Bajaj Auto, L&T, Sun Pharma IndusInd Bank and M&M, dropping up to 3.99 percent.

In the forex market, the rupee slumped by 24 paise to an all-time low of 74.45 against the dollar due to heavy demand for the US currency from importers.

Foreign portfolio investors sold shares worth a net of Rs 1,096 crore on Wednesday, provisional data showed.

Elsewhere in Asia, Japan's Nikkei plunged 3.41 percent, Hong Kong's Hang Seng lost 3.53 percent, Singapore exchange was down 2.64 percent and the Korean bourse fell 2.28 percent in late morning deals.

The US Dow Jones Industrial Average slumped 3.15 per cent on Wednesday, its biggest fall since February.

(At The Quint, we are answerable only to our audience. Play an active role in shaping our journalism by becoming a member. Because the truth is worth it.)

ADVERTISEMENT
Stay Updated

Subscribe To Our Daily Newsletter And Get News Delivered Straight To Your Inbox.

Join over 120,000 subscribers!
ADVERTISEMENT