Sensex, Nifty post biggest weekly loss since August 2015 as global rout resumes; Bank, Finance stocks lose most
At close, BSE Sensex was down 1.18% or 407.40 points at 34005.76. Sectorally, BSE bankex, finance, teck and led the losses with BSE finance closing lower by 1.75%.business Updated: Feb 09, 2018 16:43 IST
The BSE Sensex slumped over 407 points to end at a one-month low of 34,005.76, and the NSE Nifty ended below the 10,500 mark due to widespread sell-off after global rout in stocks returned on worries about rising US interest rates.Continuous outflows by foreign funds also hit sentiment on the street.
The sell-off followed another battering on Wall Street, where the benchmark Dow suffered its second-heaviest daily points fall after key US Treasury bond yields spiked.
At close, BSE Sensex was down 1.18% or 407.40 points at 34005.76. Sectorally, BSE bankex, finance and teck led the losses with BSE finance closing lower by 1.75%. The index opened lower and later slipped below the 34,000-mark to hit a low of 33,849.65. The gauge then recovered briefly to 34,070.73 before dropping again to close lower by 407.40 points, or 1.18%, at 34,005.76. This is its weakest closing since January 4 when it had closed at 33,969.64.
Yes Bank was leading the losses at 2.84%, followed by ICICI Bank (-2.33%), (HDFC (-2.13%), and Infosys (-2.01%). Although few, gains on the 30-share gauge were led by Tata Steel (1.83%), Dr. Reddy’s (0.73%) and Asian Paints (0.67%).
The index had recovered 330.45 points in the last session.
The broad- based NSE Nifty settled at 10,454.95, down 121.90 points, or 1.15%. It moved between 10,398.20 and 10,480.20 in day trade.
Today’s session dragged the benchmark indices to their biggest weekly loss since August 2015: BSE Sensex fell 3% on the week, whereas the Nifty lost 2.8% for the week.
Other Asian markets plunged up to 4.24% after Wall Street routed for the second time this week on worries over rising US interest rates.
With the volatility continuing to hound equity markets, US index the Dow Jones Industrial Average plunged 4.2%, the broad-based S&P 500 plummeted 3.8% and the Nasdaq Composite Index sank 3.9%.
Hong Kong’s Hang Seng index closed 3.10% lower , Japan’s Nikkei shed 2.32%, while Shanghai Composite Index was down 4%.