Home Business Sensex Plunges Over 1,000 Points On Weak Global Cues, Nifty Below 14,900

Sensex Plunges Over 1,000 Points On Weak Global Cues, Nifty Below 14,900

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The National Statistical Office will release gross domestic product growth estimates for the third quarter (October-December) 2020-21 post-market hours

Sensex Plunges Over 1,000 Points On Weak Global Cues, Nifty Below 14,900

IndusInd Bank, ICICI Bank, Axis Bank, HDFC, SBI, and HDFC Bank plunged 2.5-3.9 percent on BSE

The domestic stock markets opened deeply in the red due to negative global cues as Wall Street tumbled overnight and there is red across Asia. At 9:18 am, the BSE Sensex was trading at 50,184.60, weaker by 840.35 points or 1.68 percent, and the NSE Nifty was at 14,835.45, down 283.45 points or 1.87 percent. The Sensex had cuts of more than 1,000 points at the opening bell.

On the economic front, the National Statistical Office (NSO) will release gross domestic product (GDP) growth estimates for the third quarter (October-December) 2020-21 post-market hours. The Indian economy is likely to have returned to growth in the October-December period after two consecutive quarters of contraction.

Asian stocks opened sharply lower on Friday after Wall Street’s main indexes tumbled, with technology-related stocks under pressure following a steep rise in benchmark U.S. Treasury yields.

Australia’s S&P/ASX 200 fell 2 percent in early trade, on track for the biggest intraday percentage loss since January 28. Japan’s Nikkei 225 was down 1.8 percent, while Hong Kong’s Hang Seng index futures lost 1.69 percent.

Overnight, Wall Street’s main indexes tumbled on Thursday, with the Nasdaq index posting its largest daily percentage fall in four months, as technology-related stocks remained under pressure following a rise in U.S. bond yields.

The Dow Jones Industrial Average closed 559.85 points lower, or 1.75 percent, to 31,402.01, the S&P 500 lost 96.09 points or 2.45 percent to 3,829.34, and Nasdaq Composite dropped 478.54 points or 3.52 percent to 13,119.43.

Banking and financial stocks were the top losers on the BSE due to a wave of profit-booking after their recent gains. IndusInd Bank, ICICI Bank, Axis Bank, HDFC, SBI, and HDFC Bank plunged 2.5 percent to 3.9 percent on the BSE. Select auto stocks were the other significant losers among BSE names, with the likes of Tata Motors, Hero MotoCorp, and M&M shedding 2-3 percent each, on the BSE.

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