Sensex crashes over 700 points, Nifty declines 220 points after RBI keeps repo rate unchanged
Business | February 08, 2024 13:14 ISTThe RBI announced its decision to keep the repo rate unchanged for the sixth consecutive time at 6.50 per cent.
The RBI announced its decision to keep the repo rate unchanged for the sixth consecutive time at 6.50 per cent.
Banking shares faced significant selling pressure as all 12 Nifty Bank index constituents traded with cuts. The selling activity was triggered by negative commentary on HDFC Bank's below-par third quarter figures, impacting sentiment across the sector.
Earlier this week, rating agency Fitch reduced India's projected gross domestic product growth for the current fiscal year from 7.8% to 7% due to a slowdown brought on by increased inflation, global economic stress, and tighter RBI monetary policy.
The Sensex tanked 482.61 points or 0.81 per cent to settle at 58,964.57. During the day, it tumbled 552.78 points or 0.92 per cent to 58,894.40.
All Sensex constituents were trading with hefty losses, with Airtel, IndusInd Bank, Tech Mahindra and and SBI suffering the most dropping as much as 8 per cent.
The 30-share index tanked 1,158.63 points or 1.89 per cent to close at 59,984.70. Similarly, the broader NSE Nifty plummeted 353.70 points or 1.94 per cent to 17,857.25.
The 30-share Sensex was trading 500.67 points or 0.85 per cent lower at 58,625.69. Similarly, the Nifty declined 150.40 points or 0.85 per cent to 17,467.75.
The 30-share BSE Sensex sank 983.58 points or 1.98 per cent to finish at 48,782.36. The broader NSE Nifty tanked 263.80 points or 1.77 per cent to 14,631.10.
Equity benchmark Sensex declined over 300 points in early trade on Friday, tracking losses in index majors HDFC twins, ICICI Bank and Infosys amid concerns that the second wave of COVID-19 pandemic may derail the economic recovery of the country.
The 30-share BSE index was trading 325.15 points or 0.65 per cent lower at 49,726.29, and the broader NSE Nifty declined 94.60 points or 0.64 per cent to 14,720.15.
Trading has been suspended for 45 minutes after Sensex crashed over 3,000 points to 30,229.20 whereas Nifty was down by 960 to 8,860.20 in the opening session. For the third consecutive day, markets opened in losses amid a worldwide coronavirus scare and its impact on the global economy.
The rupee on Monday slipped past the 74-level against the US dollar to settle at 74.14 (provisional), down 27 paise tracking heavy selling in domestic equity market amid rising concerns over coronavirus-led economic slowdown.
After swinging over 300 points in early session, the 30-share BSE index was trading 125.45 points or 0.32 per cent lower at 39,610.08, and the broader NSE slipped 21.30 points, or 0.18 per cent, to 11,640.55.
The BSE benchmark Sensex crashed by nearly 788 points and the NSE Nifty tumbled around 234 points on Monday as heightened tensions in the Middle East kept investors on edge. The 30-share BSE index ended at 40,676.63, dropping of 787.98 points, or 1.90 per cent.
The 30-share index was trading 147.66 points, or 0.40 per cent, lower at 36,975.65 at 0930 hours, while the broader Nifty fell 43.30 points, or 0.39 per cent, to 10,960.20.
The BSE benchmark Sensex crashed nearly 770 points and the NSE Nifty tumbled over 225 points on Tuesday due to panic sell-offs across the board as investors fretted over deepening economic crisis and ever-lasting global trade tussle.
After opening slightly higher than its previous close, the 30-share index slipped into the red to trade 12.46 points, or 0.03 per cent, lower at 37,628.81 at 0930 hours, while the broader Nifty fell 7.30 points, or 0.06 per cent, to 11,098.05 in early trade.
Increased demand for the US currency from importers and banks amid fresh foreign fund outflows mainly hit the rupee sentiment, forex traders said.
A day after Finance Minister Arun Jaitley presented the Union Budget 2018-19, equity markets tumbled and provisionally closed deep in the red on Friday.
Mumbai, Aug 5: The stock market today plunged deep into red on worries over a possible recession in the US with the benchmark Sensex crashing by over 700 points to slip below 17,000 level.The 30-share
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