Markets crash amid global rout; Sensex dives 867 points
The Hindu
Stock exchanges in the U.S. had fallen sharply in overnight trade on Thursday.
Equity benchmarks nosedived on Friday, with the Sensex crashing 866.65 points to close below the 55,000-mark amid a sell-off in global markets.
Unabated foreign fund outflows and firm crude oil prices also weighed on sentiment.
The 30-share BSE Sensex dived 866.65 points or 1.56 % to finish at 54,835.58. During the day, it tanked 1,115.48 points or 2 % to 54,586.75.
Similarly, the NSE Nifty tumbled 271.40 points or 1.63 % to settle at 16,411.25.
From the Sensex pack, Bajaj Finance, Axis Bank, Bajaj Finserv, Nestle, Wipro, HDFC, Infosys, HDFC Bank and UltraTech Cement were the major laggards.
In contrast, Tech Mahindra, PowerGrid, ITC, SBI and NTPC were among the gainers.
Elsewhere in Asia, markets in Hong Kong, Shanghai and Korea settled significantly lower, while Tokyo ended higher.
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India’s manufacturing sector underperforms compared to China and South Korea, partly due to public sector wages that raise costs and reduce competitiveness.
Non-Resident Indians (NRIs) from the Gulf Cooperation Council (GCC) region, once prominent investors in the Indian equity market are seen shying away due to rupee depreciation and have moved to global funds, said a top financial services executive.
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