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Sensex tanks 354 points; HDFC twins succumb to sell-off

Thursday, April 11, 2019

The BSE benchmark Sensex cracked about 354 points yesterday, pressured by a sudden sell-off in HDFC and HDFC Bank amid grim global cues.

The 30-share Sensex lost 353.87 points, or 0.91%, to close at 38,585.35, while the broader NSE Nifty dropped 87.65 points, or 0.75%, to 11,584.30.

HDFC Bank slumped 2.07%, while HDFC lost 1.96%. The HDFC duo collectively accounted for almost half of the Sensex's 354-point loss.

Traders said the HDFC duo succumbed to a late-session sell-off following reports of PE giant KKR offloading some stake in the two companies.

Market sentiment was also hit by the IMF downgrading the global growth forecast to 3.3% for 2019, they added.

Globally, stocks wobbled after US President Donald Trump threatened to slap tariffs on goods imported from the EU, ratcheting up global trade tensions.

Other top losers in the Sensex pack included Bharti Airtel, Asian Paints, TCS, HCL Tech, Tata Steel, SBI, IndusInd Bank and Hero MotoCorp, declining up to 3.28%.

While Tata Motors, HUL, Kotak Bank, Coal India, Sun Pharma, M&M, Bajaj Auto and ONGC were the gainers, spurting up to 4.68%.

"Sentiments were affected on the news that IMF had lowered global economic growth outlook and fresh trade tensions have erupted between US and EU. Investors also seemed to be cautious awaiting Q4 March 2019 earnings beginning later this week," said Deepak Jasani, Head- Retail Research, HDFC Securities.

The IMF's World Economic Outlook (WEO) "projects a slowdown in growth in 2019 for 70% of the world economy," IMF chief economist Gita Gopinath said in a statement.

India is projected to grow at 7.3% in 2019 and 7.5% in 2020, reflecting the recent revision to the national account statistics that indicated somewhat softer underlying momentum, the report said.

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