Sensex slumps by 470.41 pts

Sensex slumps by 470.41 pts

Agency News

Mumbai, Sep 19 : The benchmark index of the Bombay Stock Exchange (BSE) on Thursday crashed by 470.41 points to settle at 36,093.47 as selling was seen across the board amid negative global cues.

The National Stock Exchange (NSE) too dropped by 135.85 points to 10,704.80.

Continuous selling by foreign portfolio investors hurt trading sentiment. The US Federal Reserve on Wednesday cut its overnight rate by 25 basis points to a range of 1.75 pc to 2 pc, a move that was widely expected.

Gaining 82 points on Wednesday, the BSE Sensex opened higher by 50 points to 36,613.93 in early trade. Later, it nosedived nearly 576 points to 35,987.80 a day low before closing at 36,093.47, sliding by 470.41 points from its last close.

The sectoral indices include Energy, Realty, IT, Oil and Gas, Health Care dragged the market. In scrips, Yes Bank, Tata Steel, IndusInd Bank, ICICI Bank and Maruti Suzuki tumbled down however, Tata Motors, Tata Motors DVR, HDFC Bank, Bharti Airtel and Asian Paints tried to balance the market.

The market breadth was weak. On the BSE, 730 shares rose and 1777 shares fell. A total of 121 shares remain unchanged. The S&P BSE Small-Cap index fell 1.48 pc. The S&P BSE Mid-Cap index fell 1.15 pc.

Overseas, European markets advanced as investors keenly look forward to Bank of England's (BoE) policy meeting, which is expected to hold discussions on interest rates, ahead of Britain's exit from the European Union.

Asian markets closed weak after the US Federal Reserve signalled a doubt over further easings, while the Bank of Japan also held off from offering more stimulus as some had expected. (UNI)