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MARKET WRAP: Sensex cracks 572 pts on global sell-off; IT, auto stocks drag

SI Reporter/New Delhi 06 Dec 18 | 08:10 AM

The benchmark indices declined over 1.5 per cent on Thursday tracking the weakness in the Asian markets.

The S&P BSE Sensex ended at 35,312, down 572 points, or 1.6 per cent, while the broader Nifty50 index settled at 10,601, down 182 points or 1.7 per cent.

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Among sectoral indices, the Nifty Bank index slipped 1.2 per cent weighed by Punjab National Bank and IDFC Bank. The Nifty IT index fell 2.1 per cent weighed by Infibeam Avenues, Tech Mahindra and Infosys. The Nifty Auto index, too, ended 2.2 per cent lower pulled by Maruti Suzuki and Tata Motors.

In the broader market, S&P BSE MidCap index settled 1.5 per cent lower at 14,684 levels, while S&P BSE SmallCap index fell 1.3 per cent to 14,143 levels.

Rupee

The rupee traded on a weak note during the day, breaching the 71-mark against the US dollar to hit 71.14 amid strengthening of the greenback. Forex traders said the strength of the US dollar against other overseas currencies and foreign fund outflows weighed on the local unit.

Global Markets

US stock futures and Asian shares slumped on Thursday after Canadian authorities arrested a top executive of Chinese tech giant Huawei for extradition to the United States, feeding fears of a fresh flare-up in tensions between the two superpowers.

Japan’s Nikkei shed 1.9 per cent, closing at its lowest level since October 30. MSCI’s ex-Japan Asia-Pacific index lost 2.0 per cent. Hong Kong’s Hang Seng dropped 2.9 per cent while Shanghai shares dipped 1.7 per cent.

Canadian authorities said they had arrested Huawei’s global chief financial officer in Vancouver, where she is facing extradition to the United States.

The arrest is related to violations of US sanctions, a person familiar with the matter said, though officials have so far stayed mum on her allegations.

Oil Prices

Oil prices dipped on Thursday as stock markets slid and as traders eyed an OPEC meeting expected to result in a supply cut aimed at draining a glut that has pulled down crude by 30 percent since October.

International Brent crude oil futures were at $61.35 per barrel, down 21 cents, or 0.3 per cent from their last close. US West Texas Intermediate (WTI) crude futures were at $53.17 per barrel, down 28 cents, or 0.5 per cent.

(with wire inputs)

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Sensex

Company Price Gain (%)
Tata Motors173.754.10
Power Grid Corpn192.503.77
H D F C1,959.152.89
Vedanta205.652.21
Wipro339.802.01

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