Home >Market >Stock-market-news >Sensex falls to 7-month lows amid global selloff: 10 points

New Delhi: Indian shares closed at their lowest in seven months today, tracking a rout in global equities amid growth concerns, with losses seen across sectors. The broader Nifty ended 0.98% lower at 10,124 while the benchmark Sensex closed down 1% at 33,690.09. HDFC was the biggest drag on the Nifty, closing down 2.7%. Reliance Industries dropped 1.4%, while Bharti Airtel slumped 6.4%. Among other decliners, Vedanta, Tata Motors, Adani Ports, SBI, Sun Pharma, and IndusInd Bank fell between 1.5% and 3%.

Here are the updates from stock markets:

1) Sentiment in Indian markets has been sour in recent months after a string of defaults by IL&FS sparked concerns of a liquidity crunch.

2) Asian shares plunged today after tech stocks caused the largest daily decline on Wall Street since 2011 in the previous session, wiping out all its gains for the year.

3) Factors ranging from faster rate hikes in the United States to an ongoing US-China trade war that threatens to hurt world growth have continued to make investors jittery.

4) Shares of non-banking financial companies (NBFCs) also took a beating. Indiabulls Housing Finance Ltd dropped 7% while Dewan Housing Finance Corporation declined 4%.

5) Yes Bank Ltd shares fell 3% ahead of its September quarter earnings due later today. According to Bloomberg analyst estimates, the bank likely to post a profit of 1,273.80 crore in September quarter.

6) Shares of L&T Finance Holdings Ltd fell 8% after it reported exposure to IL&FS and real estate firm Supertech.

7) Overnight, the Nasdaq fell 4.4% in its biggest one-day percentage decline since August 18, 2011, closing down 12.4% from its August 29 record closing high. In dollar terms, the Nasdaq meltdown vaporised $524 billion in market capitalisation overnight. The Dow fell 2.41% and the S&P 500 lost 3.09%.

8) Weak readings on manufacturing in Europe added to concerns over world growth, as did a surprise slump in US home sales, which suggested rising interest rates were sapping demand for housing.

9) Global financial services major Citi has lowered its global growth forecast for both 2019 and 2020 by 0.1 percentage point each to 3.2% and 3%, respectively, it said in a note Thursday, citing policy tightening by the US Federal Reserve.

10) The growing international pressure on Saudi Arabia over the death of journalist Jamal Khashoggi also weighed on investor sentiment.

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