INSUBCONTINENT EXCLUSIVE:
NEW DELHI: A sharp selloff in the last half hour of the session gripped headline indices Sensex and Nifty on Tuesday in a trade marked by
cent or 174.91 points lower at 34,299.47.
Its NSE counterpart Nifty was not far behind, as it lost 0.45 per cent or 47 points to settle at
25 Nifty constituents ended in the red and the other 25 closed in the green.
In the 30-share index, 15 stocks closed the day higher while
Tata Motors was the worst index performer followed by Asian Paints, Maruti Suzuki, Hindustan Unilever, Bharti Airtel and ONGC.
BSE Consumer
Durables was the worst sectoral performer
Among other sectors that put up an unimpressive show today were -- auto, oil gas, FMCG, energy and consumer discretionary goods
services.
BSE IT, BSE Metals, BSE Healthcare were among indices that ended on a positive note.
The advance-decline ratio on BSE stood at 2:3
hinting at bearishness in market.
What triggered the fall1
Rupee hits record low, again: The domestic unit created a fresh record low of 74.28 against the US dollar on Tuesday as the global crude oil
prices reclaimed the $84 per barrel mark and strength in American currency overseas
The rupee had opened with gains against the greenback.
2
Oil back above $84The oil again turned out to be a sore point for the markets as the global crude prices rose in today's trade on the back
of growing evidence of falling crude exports from Iran before the imposition of new United States sanctions and a partial shutdown in the
Gulf of Mexico due to Hurricane Michael.
Benchmark Brent crude was up 65 cents at $84.56 a barrel, having fallen as low as $82.66 on Monday
Brent hit a four-year high of $86.74 last week
US light crude was up 45 cents at $74.74, Reuters reported.
3
India likely to miss fiscal deficit target: Moody's Global financial services firm Moody's Investors Service sees fiscal deficit at 3.4
The government plans to reduce fiscal deficit to 3.3 per cent of GDP in 2018-19 from 3.53 per cent a year ago
The fiscal deficit target for 2018-19 is Rs 6.24 lakh crore.
4
Emerging Markets near 17-month lowsEmerging market stocks dipped close to 17-month lows on Tuesday as the IMF cut its 2018 and 2019 global
growth forecasts, putting more pressure on developing economies already facing tighter financial conditions and capital outflows, as per a
Reuters report.
MSCI's main emerging market stocks index was 0.1 per cent lower, around levels last hit in May 2017.
European shares too
stayed at 6-month lows as concerns over a likely clash in Europe over Italy's budget plans and a worsening outlook for global growth kept
sentiment fragile.
What experts say:Vinod Nair, Head of Research, Geojit Financial ServicesVolatility continued in the market in spite of
which short-term investors are accumulating select beaten down stocks with an eye on upcoming quarter earnings
However, negative sentiments from global market on concerns over a slowing world economy led by lingering trade wars between US China
dragged the market.
Jayant Manglik, President, Religare BrokingAmongst the broader market indices, BSE Midcap outperformed the benchmark and
ended with marginal losses while BSE Smallcap fell broadly in-line with benchmark
The sectoral indices exhibited a mixed trend
IT, Metals and Healthcare ended on a positive note
However, Auto, Consumer Durables, FMCG and Oil and Gas witnessed selling pressure and closed down in range of 1.7-3.9%
