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Sensex crashes 1000 points in two days on global trade woes

Wednesday, September 12, 2018

Market benchmark BSE Sensex yesterday crashed 509 points to close at more than one-month low of 37,413.13 due to heavy selling in FMCG, metal, auto and financial stocks amid growing concerns over intensifying global trade war.

The 30-share index tanked more than 1% for the second day in a row after the rupee slid to a new lifetime low of 72.73 in afternoon trade. Stock markets had opened higher nut bears regained the control soon to wipe out initial gains as crude oil prices rebounded in Asian trade.

The BSE barometer closed the day with a hefty fall of 509.04 points or 1.34% at 37,413.13. This is the weakest closing since August 2 when it had ended at 37,165.16. It had lost 467.65 points in the previous day.

The 50-share NSE Nifty cracked below the 11,300-mark by falling 150.60 points or 1.32% at 11,287.50. Intra-day, it shuttled between 11,479.40 and 11,274.

Surging crude oil prices, rupee plunging to record lows and widening trade deficit, besides negative global leads were major factors that dampened sentiments on the domestic bourses, a broker said.

Investors were cautious as trade war concerns between the US and China escalated, brokers said. "The threat of trade tariffs, outflow of foreign funds and concern on domestic macros will influence investors to stay on a cautious note," Vinod Nair, Head of Research, Geojit Financial Services Ltd said.

Moreover, expectations of a US interest rate hike this month by the Federal Reserve that may strengthen the dollar and accelerate sell-off by foreign funds in emerging markets too negatively impacted sentiments, brokers said.

Investors become poorer by over Rs 4 lakh crore
As stock markets continued to face heavy selling pressure for the second straight session yesterday, investors became poorer by more than Rs 4.14 lakh crore in two days of trading.

Led by the steep decline in stocks, the market capitalisation of the BSE-listed companies tumbled by Rs 4,14,121.84 crore to Rs 1,53,25,666 crore in two consecutive days.
 

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