Sensex tanks 413 pts to 24,489 on weak global cues
Mumbai: The BSE Sensex plunged by 413 points and the NSE Nifty again slipped below the 7,400-mark in early trade today due to sustained capital outflows amidst global sell-off on renewed worries over slowing economic growth and falling oil prices. Shares of Reliance Industries fell 3.56 per cent despite posting its highest-ever quarterly net profit of Rs 7,290 crore for the three months ended December, 31.
The 30-share index tumbled 412.95 points, or 1.69 per cent, to 24,489.03 in early trade with all sectoral indices led by capital goods, realty, banking and oil&gas, trading in the red, falling up to 2.60 per cent. The gauge had gained 291.47 points in the previous session. The National Stock Exchange Nifty again dipped below 7,400-mark, shedding 124.90 points to 7,310.20.
All 30 Sensex constituents were in the negative zone with Tata Steel plunging the most by 3.78 per cent to Rs 228.95 per scrip. Major laggards included ONGC, SBI, Axis Bank, Adani Ports, L&T, ICICI Bank, BHEL and HDFC Bank.
Sustained capital outflows amid weak trend on Asian bourses on renewed worries over global slowing economic growth and falling oil prices, dampened trading sentiments here, equity brokers said. Selling pressure was so strong even record earnings of Reliance Industries failed to impress investors, they said.
Meanwhile, the International Monetary Fund's decision to downgrade its global growth forecast for this year and issue a warning about the outlook added to the gloomy mood. Besides, the depreciating rupee, which tumbled 30 paise to trade at over 28-month low of 67.95 against the dollar, too weighed on sentiments, they added.
Among Asian markets, Hong Kong's Hang Seng index was down 3.32 per cent and Japan's Nikkei shed 2.15 per cent in the morning trade. Shanghai Composite index too fell 0.73 per cent. The US Dow Jones Industrial Average, however, ended 0.17 per cent higher in yesterday's trade.