Sensex, Nifty Bleed Over 2% To Register New 6-Month Lows
- Top laggards on the 50-scrip Nifty index were Indiabulls Housing Finance, Bajaj Finserv, SBI, Tata Steel and Hindalco Industries - closing between 4.6 per cent and 9.1 per cent lower.
- The heavy sell-off in global markets hurt investor sentiment in the domestic markets amid continuous capital outflows, say analysts. "The global sell-off had an impact on the domestic markets. There is also a fear of rising interest rates. Macro fundamentals are also bad. All this has hurt the investor sentiment," said AK Prabhakar, head of research at IDBI Capital.
- The Nifty Bank - comprising banking stocks and having the maximum weightage on the Nifty among sectoral indices - declined 2.1 per cent. Besdies banking and financial services stocks, metals, IT and pharma shares also added to the losses in the markets. The Nifty IT, Nifty Pharma and Nifty Metal indices closed down 3 per cent, 2.9 per cent and 3.8 per cent respectively.
- "The US economy is doing very well...This is triggering capital outflows from emerging markets like India. Apart from the rising yield in the US and EM currency woes, there are global trade skirmishes impacting the sentiment," said VK Vijayakumar, chief investment strategist at Geojit Financial Services.
- The rupee fell to a record low of 74.48Â per dollar, taking its overall losses to more than 16 per cent so far this year.
- IT shares declined with the NSE sectoral index closing 3 per cent lower, despite extended weakness in the rupee, which had registered mild gains on Wednesday after a consecutive fall spanning six days in a row.Â
- Tata Consultancy Services (TCS) shares declined 2.4 per cent, ahead of release of quarterly earnings by the company. All eyes are on the release of July-September report card by the IT major, which will kick off the corporate earnings season for India Inc.
- Rupee depreciation augurs well for exporters such as IT companies, as it boosts their profitability.
- Asian share markets sank after Wall Street suffered its worst drubbing in eight months, a conflagration of wealth that could threaten business confidence and investment across the globe. Asian stocks closed lower and European peers hit an over 18-month low.
- On a net basis, foreign funds have so far sold $3.9 billion worth of domestic stocks and $7.8 billion worth of domestic debt so far in 2018. That compares with net purchases of $7.86 billion in equities and $26.26 billion of debt in 2017.
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