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Sensex slumps by 560.45 points; 2-month-low
Economy

Sensex slumps by 560.45 points; 2-month-low

Agency News

Mumbai, Jul 19: The benchmark index of Bombay Stock Exchange (BSE) on Friday dropped by 560.45 points to settle at 38,337.01, a two-month-low following concerns on FPI, trade war tensions and weak corporate earnings contributed to the fall.

The Nifty of National Stock Exchange (NSE) too fell by 177.65 points to 11,419.25. The Sensex registered the day's high and low at 39,058.73 and 38,271.35 points respectively.

The Nifty registered day's high and low at 11,640.35 and 11,399.30 points, respectively. M&M, Bajaj Finance, Tata Motors, Hero MotoCorp, IndusInd Bank, Yes Bank, Bajaj Auto, Kotak Bank, SBI and ICICI Bank were among the top losers, dropping up to 4.36 per cent. Index heavyweight RIL closed 1.01 per cent lower ahead of its quarterly results.

NTPC, PowerGrid, TCS and ONGC were the only gainers in the Sensex pack, spurting up to 2.32 per cent. Replying to a debate on the Finance Bill in Parliament after market hours on Thursday, Finance Minister Nirmala Sitharaman dismissed the argument that the proposed hike in tax on the super-rich would spook foreign portfolio investors (FPIs). She said the tax hike on individuals earning more than Rs 2 crore will not impact FPIs provided they organise themselves as a company. (UNI)