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Sensex tanks 275 pts in early trade on global rout

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Mumbai;Market benchmark Sensex slumped by over 275 points and the NSE Nifty again broke below the 7,400-mark in early trade due to sustained capital outflows amid global sell-off on renewed concerns over slowing growth after oil prices again cracked USD 30 a barrel.

The rupee, which again breached the 68-mark against the dollar also had its bearing on the domestic equities.

The 30-share index was 275.35 points or 1.12 per cent lower at 24,263.65 in early trade with all the sectoral indices led by power, capital goods, realty and banking, trading in the negative zone, falling up to 2.99 per cent.

Reserve Bank’s dovish stand on policy rates yesterday had failed to soothe jittery investor nerves, which were hit by a sliding crude oil prices, as the market benchmark Sensex plummeted by 286 points.

The National Stock Exchange Nifty again slipped below the 7,400-mark, falling 85.55 points or 1.14 per cent to 7,370.

Laggards from the Sensex kitty included BHEL, ONGC, GAIL, Tata Motors, SBI, Wipro, ICICI Bank, Axis Bank, L&T, Bharti Airtel, TCS and Maruti Suzuki, dragged down the benchmark.

Among other Asian markets, Hong Kong’s Hang Seng index was down 2.82 per cent and Japan’s Nikkei was down 3.14 per cent in early deals. China’s Shanghai Composite index too fell 1.17 per cent.

The US Dow Jones Industrial Average ended 1.80 per cent lower in yesterday’s trade.

PTI

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