Sensex tanks 510 points amid political concerns, extends losses for fourth straight day
The BSE Sensex cracked 509.54 points to end at 33,176.00 on Friday, while the broader NSE Nifty plunged below 10,200 to close at 10,195.15, dropping 165 points.business Updated: Mar 16, 2018 16:12 IST
The BSE Sensex dived almost 510 points on Friday -- its biggest single day fall since February 6 --- due to a major sell-off amid political concerns after the Telugu Desam Party (TDP) decided to quit the NDA and moved a no-confidence notice against the government.
Other Asian markets were also in the negative zone as investors fret over the prospect of a global trade war, accelerating selling pressure on the domestic bourses, brokers said.
The BSE Sensex cracked 509.54 points to end at 33,176.00 on Friday, while the broader NSE Nifty plunged below 10,200 to close at 10,195.15, dropping 165 points.
For the third straight week, the flagship BSE Sensex recorded a fall of 131.14 points, or 0.39%, while the NSE Nifty lost 31.70 points, or 0.30%.
Intra-day, it shuttled between 33,119.92 and 33,691.32 as metal, oil & gas, PSU, power, auto and banking stocks recorded widespread losses.
The flagship index had lost 232.40 points in the previous three sessions.
Sentiment suffered a setback following fresh developments on the political front after a key NDA ally, TDP, decided to quit the alliance and moved a no-confidence motion notice against the government, accelerating the selling pace by participants, brokers said.
The Lok Sabha could not take up notices for no-confidence motion against the NDA government with Speaker Sumitra Mahajan saying there was no order in the House and adjourned the proceedings for the day.