Sensex below 28K, Nifty loses 8400-level on global sell-off | business | Hindustan Times
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Sensex below 28K, Nifty loses 8400-level on global sell-off

business Updated: Dec 09, 2014 18:08 IST

Persistent selling pressure due to a sell-off in China and weak cues in other global markets dragged down benchmark Sensex today by 322.39 points to over one-month closing low of 27,797.01.

The NSE barometer Nifty also tanked 97.55 points to end below 8,400-mark at 8,340.70 amid investors booking profits for the third straight session. Shares of power, metal, capital goods, consumer durables, refinery, banking and auto sectors were among the major losers.

The overall market breadth was very weak as about 900 stocks rose while over 2,000 scrips fell.

Rising gold imports widened current account deficit to $ 10.1 billion or 2.1 per cent of GDP in July-September quarter of this fiscal, up from 1.2 % a year-ago, but experts are hopeful that it will remain in comfortable zone to be financed by growing capital inflows.

The BSE Sensex resumed higher at 28,134.22 and firmed up further to 28,157.53 on initial strong demand in view of good foreign capital inflows.

However, it declined afterwards to 27,763.82 before ending at over one-month low of 27,797.01, showing a sharp fall of 322.39 points or 1.15 % on fag-end selling. It has now lost 765.81 points, or 2.68 %, in last 3 days.

"Pressurized by weak global cues mainly from China, the domestic bourses slid further down and lost more than a percent in the end. On the macro-front, India's CAD widened for the second quarter of the current financial year, added to selling pressure. Profit taking was widespread," said Jayant Manglik, President-retail distribution, Religare Securities.

The NSE 50-share Nifty also moved down further by 97.55 points or 1.16 % to 8,340.70.

Chinese stocks led decline as Shanghai Composite index dropped by 5.43 % in Asian markets today after China's securities clearing house yesterday tightened use of corporate bonds as collateral for short-term financing.

European stocks were also trading lower after the latest data showed Germany's exports declined at the start of the fourth quarter in adjusted terms. Key indices in France, UK and Germany fell by 0.69 % to 1.05 %.