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Sensex, Nifty End Down Over 1% On Weak Global Cues

Indian shares ended sharply lower on Friday, proving Thursday's recovery short lived, after the 10-year U.S. Treasury note neared its highest levels in four years and the Bank of England hinted at somewhat earlier and deeper-than-expected rate hikes.

The benchmark BSE Sensex closed lower by 407.40 points or 1.18 percent at 34,005.76, while the broader Nifty index ended down 121.90 points or 1.15 percent at 10,454.95.

The rupee hit a fresh two-month low against the dollar on worries that the U.S. Federal Reserve may fight inflation by aggressively raising interest rates.

Infosys, SBI, Tech Mahindra, Aurobindo Pharma and Yes Bank fell 2-3 percent in the Nifty pack, while Asian Paints, Lupin, Tata Steel, Cipla and HCL Technologies climbed 1-2 percent.

Glenmark Pharma plunged 7.5 percent on weak quarterly results. SBI lost 2 percent while Bank of Baroda ended little changed ahead of their Q3 earnings results.

SAIL jumped more than 9 percent after it swung to a profit in the third quarter versus a loss in the corresponding period last year.

Aviation stocks rallied as oil prices fell for a sixth straight session on reports that Iran plans to boost production. Jet Airways advanced 1.7 percent and SpiceJet rose 1 percent.

Globally, Asian stocks fell heavily after the Dow Jones Industrial Average plunged more than 4 percent overnight to enter correction territory.

European markets also opened lower, although a rebound in U.S. stock futures helped to limit overall losses to some extent.

by RTT Staff Writer

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