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Sensex dives 572 pts as Huawei CFO arrest roils global markets

Friday, December 07, 2018

Benchmark Sensex buckled under selling pressure for the third straight day yesterday, in step with a global sell-off triggered by the arrest of a top executive of Chinese telecom giant Huawei in Canada.

Asian markets nosedived after Huawei CFO Meng Wanzhou, who is also the company founder's daughter, was arrested in Canada for extradition to the US for suspected Iran sanctions violations, dealing another blow to US-China relations.

The BSE Sensex plunged 572.28 points, or 1.59%, to close at 35,312.13. Similarly, the broader NSE Nifty fell 181.75 points, or 1.69%, to 10,601.15.

All sectoral indices on the BSE and NSE ended in the red, led by metal, oil and gas, pharma and financial stocks. Sun Pharma was the lone gainer in the 30-share Sensex pack.

A weakening rupee, which plunged below the 71 per dollar mark intra-day, and fresh foreign fund outflows further dented investor sentiment, analysts said.

"Capital markets had a rough day, as they are trying to navigate too many data points such as re-emergence of sharp weakness in Indian rupee, upcoming OPEC meeting outcome in terms of production cut, and upcoming results of five state assembly elections.

"The nervousness is quite evident, as there is sharp sell-off across the industries, and especially in those stocks where there are corporate governance concerns," said Jagannadham Thunuguntla, Senior VP and Head of Research Wealth), Centrum Broking Limited.

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