Active Stocks
Sat May 18 2024 12:49:03
  1. Tata Motors share price
  2. 952.95 0.76%
  1. Power Grid Corporation Of India share price
  2. 316.85 1.12%
  1. Tata Steel share price
  2. 167.90 0.39%
  1. ITC share price
  2. 436.50 -0.02%
  1. State Bank Of India share price
  2. 821.30 0.42%
Business News/ Markets / Stock Markets/  Sensex slumps, rupee tumbles against US dollar amid global selloff: 10 points

Sensex slumps, rupee tumbles against US dollar amid global selloff: 10 points

The selloff in the Indian markets were broad-based with all the sectoral indices on the NSE, barring IT, in the red
  • The rupee also tumbled sharply against US dollar
  • Sensex tumbled over 700 points at day's low (Reuters)Premium
    Sensex tumbled over 700 points at day's low (Reuters)

    NEW DELHI : Indian stock markets fell sharply but ended off lows while the rupee suffered its biggest one-day fall in six years against the US dollar, amid a global selloff in risk assets. At day's lows, Sensex fell over 700 points to 36,416 while Nifty tumbled below 10,800, before ending off lows. China’s central bank today weakened its daily currency fixing past the key $7 level, fueling speculation that Beijing was allowing currency depreciation to counter President Donald Trump’s latest tariff threat. It also reflects dimmer hopes for a resolution to US-China trade war. Other Asian markets also tumbled today while European markets were also sharply lower amid renewed US-China trade tensions. US index futures also tanked, indicating a lower opening for Wall Street.

    The Sensex ended 418 points lower at 36,699 while Nifty settled 1.2% lower at 10,862.

    Here are 10 updates from Indian markets:

    1) The Indian rupee ended today at 70.74 against the US dollar, as compared to its previous close of 69.60 a dollar - its biggest one-day fall in nearly six years.

    2) Stock market volatility indicator India VIX index, also known as fear gauge, surged 9% to 16.54, indicating nervousness on the Street.

    3) "Going forward, we expect volatility to remain high in the near term and maintain our cautious stance on Indian markets. On the global front, escalating trade tensions between US and China will keep market participants on edge and cause volatility in oil prices as well as currency," said Ajit Mishra, VP of research at Religare Broking.

    4) Market experts expect the RBI to go for a fourth consecutive rate cut of 25 bps in its policy meet on August 07, 2019. "However, the commentary on growth and inflation would be more important factor in deciding the course of the markets," said Mishra.

    5) "Nifty has next support near 10,800-10,750 zone and resistance is coming near 10,900-11,000 zone. To show strength, Nifty needs to sustain above 11,000 mark else every rise will use as profit booking or making fresh shorts," said Rohit Singre, senior technical analyst at LKP Securities.

    6) The selling pressure in Indian markets was widespread. All the sectoral indices on the NSE, barring IT, ended in the red.

    7) The broader markets also ended with sharp losses. BSE midcap and smallcap indices fell 1.3% and 1.7% respectively.

    8) Among the Sensex stocks, Yes Bank slumped 8%, Tata Motors 5%, Power Grid 4.5%, RIL 3.5%, Kotak Bank 3% and SBI 2.7%.

    9) Bharti Airtel rose 4%, Bajaj Auto 1.5%, HDFC 1.3% and IndusInd Bank 0.63%. IT stocks TCS, Tech Mahindra, Infosys also saw some buying as the rupee weakened.

    10) China today let the yuan tumble beyond the key 7-per-dollar level for the first time in more than a decade, in a sign Beijing might be willing to tolerate further currency weakness in the face of an escalating trade row with the US. (With Agency Inputs)

    Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed - it's all here, just a click away! Login Now!

    Catch all the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.
    More Less
    Published: 05 Aug 2019, 10:04 AM IST
    Next Story footLogo
    Recommended For You

    Get the best recommendations on Stocks, Mutual Funds and more based on your Risk profile!

    Let’s get started