INSUBCONTINENT EXCLUSIVE:
The S-P BSE Sensex and NSE Nifty 50 indexes nosedived in Thursday's session tracking weak global
cues, after the US Federal Reserve rattled markets by signalling that its first rate cut in more than a decade was not the start of a
The Sensex index plunged as much as 787 points to trade below the 37,000 mark for the first time since March 5, and the broader NSE Nifty 50
benchmark dropped below the important psychological level of 10,900
The selloff worsened the already soured investor sentiment, which took a hit after the government imposed higher taxes on the super rich
including foreign investors, said analysts
Here are 10 things to know about today's selloff:Forty three shares in the Nifty 50 basket were trading lower while in the
Index dropped 1.7 per cent or 154 points to 10,931.All the 11 sector gauges compiled by National Stock Exchange were trading lower led by
the Nifty media Index's 3.6 per cent fall
Nifty Metal, PSU Bank, Private Bank, Pharma, Information Technology, Financial Services and Bank sector gauges also dropped between 2 and
3.4 per cent each.Analysts said that the commentary by the US central bank on Wednesday fell short of expectations of monetary easing in the
This is not good for emerging market equities like India," said Vivek Ranjan Misra, head of fundamental research at Karvy Stock
Broking.Overnight in the US, the Federal Reserve decided to lower borrowing costs for the first time since 2008 and move up plans to stop
winnowing its massive bond holdings.In a news conference after the release of the Federal Reserve's statement, Mr Powell characterised the
rate cut as "a mid-cycle adjustment to policy", citing signs of a global slowdown, simmering US trade tensions and a desire to boost too-low
markets should be in better shape in a couple of quarters."Foreign institutional investors (FIIs) pulled out a net Rs 12,418.73 crore
($1,803.9 million) out of Indian equities in July, data from NSDL showed.The Sensex and Nifty indexes had ended 0.22 per cent and 0.29 per
cent and the Nifty plunged 5.69 per cent.Get Breaking news, live coverage, and Latest News from India and around the world on
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