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Sensex tumbles 316 pts; down for 3rd day on global sell-off
Indian markets felt the heat from global equities rout after a sharp dive in oil prices over the past two days shattered investor confidence and revived fears of a global recession, triggering frantic unwinding.
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Moreover, the rupee, which again breached the 68-mark against the dollar also had its bearing on the market.
The investor sentiment was so badly hit that even better monthly PMI data, which showed that India’s services activity rose to a 19-month high of 54.3 in January from 53.6 in December, failed to stem the slide.
The Nifty50 was at 7,426 up 64 points or 0.87 per cent. It touched a high of 7,431.90 and a low of 7,410.90 in the first 30 minutes of trade. Jet Airways plunged 5.57 per cent, SpiceJet fell 8.33 per cent and InterGlobe Aviation tanked 4.40 per cent.
Out of the 30-share Sensex pack, 26 scrips ended lower.
Of the 30 Sensex components, 18 ended in the positive zone while 12 led by Lupin, NTPC, Cipla, SBI, Bajaj Auto GAIL, Maruti Suzuki, M&M and RIL ended in red with losses.
Key indexes in Asia, like China, Hong Kong, Singapore, and South Korea firmed up by 0.35 per cent to 1.35 per cent while Japan’s Nikkei moved down by 0.85 per cent. Taiwan market remained closed today.
Sectorally, metal index gained the most by rising 2.48 per cent, followed by capital goods (1.93 per cent), IT (0.92 per cent), consumer durables (0.86 per cent), infrastructure (0.84 per cent), power (0.84 per cent), auto (0.52 per cent) and FMCG (0.23 per cent).
The broader markets also performed weak with the BSE small-cap index ending 2.25 per down while the mid-cap fall 1.30 per cent.
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In Europea, France, germany and the United Kingdom based indexes fell by up to 2.47 per cent in early trade.