Sensex Plummets 248 pts Ahead of Macro Data

9 Sep, 2016 18:20 IST|Sakshi
BSE Sensex ended the session on Friday 248.03 points or 0.85 per cent down at 28,797.25. The broader NSE Nifty cracked below 8,900 by falling 85.80 points or 0.96 per cent to end at 8,866.70.

Mumbai: The domestic markets came off 17-month highs after benchmark BSE Sensex plunged 248 points to 28,797.25, tracking weakness in global peers after North Korea tested a nuclear warhead, while domestic investors remained on the sidelines ahead of key macroeconomic data. A cautious stance by investors ahead of IIP and inflation data, slated for next week, also influenced trading sentiment.

The 30-share Sensex after opening higher at 29,062.90, slipped into negative zone to touch a low of 28,755.08, before settling 248.03 points or 0.85 per cent down at 28,797.25. The broader NSE Nifty cracked below 8,900 by falling 85.80 points or 0.96 per cent to end at 8,866.70.

Sentiment also remained subdued amid uncertainty over the European Central Bank’s (ECB) failure to deliver on new stimulus measures. The broader markets too felt the heat with BSE mid-cap and small-cap indices falling 0.99 per cent and 0.47 per cent, respectively.

Both indices recorded second weekly gains. On a weekly basis, the Sensex climbed 265.14 points or 0.92 per cent and the NSE Nifty rose 57.05 points or 0.64 per cent. Shares of Yes Bank plunged over 4 per cent to Rs 1,277.25 after the company deferred plans to raise USD 1 billion, citing extreme volatility due to misinterpretation of new QIP guidelines. India’s largest steelmaker SAIL plunged 6 per cent as the company’s standalone net loss widened to Rs 534.92 crore in June quarter.

Anand James, Chief Market Strategist, Geojit BNP Paribas Financial, said: “Indian markets had a soft ending to a stupendous week, with crucial IIP and CPI data releases scheduled Monday. ECB’s decision on stimulus weighed on global markets but FII inflows and value buying continue to support prices.”

Overseas, Asian stocks ended lower after the ECB surprised markets yesterday by deciding not to extend the deadline of its bond-buying program, while North Korea successfully testing a nuclear warhead today also spooked global investors. Key indices in Asia, like China, Singapore, South Korea and Taiwan ended lower by 0.55 per cent to 1.25 per cent. Europe was also lower with key indices in France, Germany and the UK down between 0.09 per cent and 0.27 per cent.

Source: PTI

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