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MARKET WRAP: Sensex crashes 760 pts on global selloff; IT, banks weigh

SI Reporter/New Delhi 11 Oct 18 | 08:15 AM

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The benchmark indices settled over 2 per cent lower on Thursday following a sharp selloff in the global markets.

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The S&P BSE Sensex ended at 34,001, down 760 points. The index had fallen 1,037 points to 33,723.53 in intra-day trade. The broader Nifty50 index settled at 10,235, down 225 points. It had hit an intra-day low of 10,138.60.

Among the sectoral indices, the Nifty IT index fell 3 per cent led by losses in the shares of NIIT Technologies, Infosys and Tata Consultancy Services (TCS). The Nifty Bank index, too, slipped 2.1 per cent weighed by State Bank of India (SBI) and IndusInd Bank.

The rupee, which had slipped to a new record low of 74.48 against the US dollar earlier in the day, erased its losses to rise 19 paise to 74.02 in intra-day trade.

Investors will look forward to the September quarter (Q2FY19) financial results of the IT bellwether TCS, which is due later today. Majority of the analysts expect IT companies to report healthy numbers led by the ramp-up of recent large deal wins, improving the macro environment, and strong seasonality.

YES Bank rises ahead of its CEO search committee meeting

Shares of YES Bank have moved higher by 15 per cent to Rs 268 on the BSE in intra-day trade ahead of the first meeting of the search & selection committee today for finalization of the advisory firm. The stock bounced back 24 per cent from its intra-day low of Rs 217. The stock ended at Rs 241, up 3 per cent.

Global Markets

Share markets in Asia plunged to a 19-month low on Thursday after Wall Street's worst losses in eight months led to broader risk aversion, a rise in market volatility gauges and concerns over overvalued stock markets in an environment of rapidly rising dollar yields.

MSCI's broadest index of Asia-Pacific shares outside Japan was off 3.8 per cent, it had earlier touched its lowest level since March 2017. Japan's Nikkei ended down 3.9 per cent its steepest daily drop since March, while the broader TOPIX lost around $207 billion in market value, falling 3.5 per cent. Shanghai shares dropped 4.9 per cent, on track for their worst day since February 2016, to their lowest level since late 2014, while China blue chips slid 4.4 per cent. Shares in Taiwan were among the region's worst-hit, with the broader index losing 6.3 per cent. Seoul's Kospi index was down 3.8 per cent.

The sell-off, which came as the head of the International Monetary Fund, Christine Lagarde, said stock market valuations have been "extremely high", erased hundreds of billions of dollars of wealth around the region.

(With inputs from Reuters)

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Sensex

Company Price Gain (%)
Sun Pharma.Inds.608.402.52
Kotak Mah. Bank1,199.551.83
Vedanta211.151.51
Hind. Unilever1,579.201.16
ITC288.450.73

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