INSUBCONTINENT EXCLUSIVE:
NEW DELHI: Falling for a second consecutive session, Indian stock market fell over 1 per cent on Thursday on weakness in US stock futures
amid prevailing concerns over slowing global growth.
A weak rupee, despite a decline in global crude oil prices, further dampened sentiment
back home.
The BSE Sensex settled 378 points or 1.05 per cent lower at 35,514, while Nifty50 ended at 10,672, down 120 points or 1.11 per
HDFC duo and Reliance Industries were top drags on 30-share pack, contributing nearly 50 per cent to fall.
Among Sensex stocks, only five
ended higher, while remaining 25 declined
ONGC was top loser, down 3.59 per cent, followed by MM, Tata Steel, Vedanta and HDFC
HCL Tech was biggest gainer, edging higher by a mere 0.50 per cent
The BSE Midcap index fell in line with benchmark Sensex and ended day 1.08 per cent lower while BSE Smallcap index closed day 0.58 per cent
lower.
In sectoral space, only telecom and FMCG gained in today's session
Metal index was worst hit and lost over 2 per cent.
Oil gas, capital good and basic materials indices were among other indices that slipped
Each of these index declined by over 1.50 per cent
Dena Bank bled and closed 19 per cent lower after Dalal Street experts judged swap ratio for merger between Dena Bank, Vijaya Bank and Bank
of Baroda to be unfavourable for former
Vijaya Bank too shed 7 per cent in today's trade.
Factors1
Global markets crackApple's rare warning on revenue rocked financial markets on Thursday, reigniting concerns about slowing global
economic and corporate growth and potential damage from Washington's protracted trade row with Beijing
Asian and European shares fell sharply, led by a sell-off in technology stocks, and us stock futures pointed to a weaker open on Wall Street
The news also jolted currency markets, Reuters reported.
2
Spike in bond yieldsThe 10-year government bond yields spiked over a per cent to 7.43 on Thursday on account of fresh fiscal worries
In run up to general elections Prime Minister Narendra Modi may unveil a farm-relief package
Possibility of aid for farmers when tax and asset sales collections are lagging is fuelling fears of India missing its fiscal deficit
Host of economic worries Fears of slowdown are now haunting world's fastest-growing economy
A decline in GST collections for month of December, a slowdown in manufacturing activity along with weak auto sales numbers, all hint at a
slowdown in economy.
Expert TakeMarket continued to trade on a negative bias on account of added worries over a slowing world economy and
rising domestic fiscal deficit
A volatile equity market extended loss in Asia and in oil prices
Going ahead, investors are likely to shift their focus to corporate earnings beginning next week- Vinod Nair, Head of Research, Geojit
