Sensex, Nifty fall more than 1%; post biggest weekly drop since August

The Sensex plunged 407.40 points or 1.18 per cent to close the day at 34,005.76 while the Nifty slipped 121.90 points or 1.15 per cent to end the day at 10,454.95

India's benchmark equity indices opened more than 1.5 per cent lower on Friday morning, after another slump in the USA markets triggered a sell-off globally. At the close, the benchmark 30-share index, BSE Sensex gained 330.45 or 0.97% at 34,413.16 with 23 components posting rise.

For the quarter ended December 31, profit was Rs 1294 crore ($200.99 million), compared with Rs 243 crore in the same period a year earlier, the steelmaker said in a statement.

Bank Nifty fell 457 points or 1.76% to 25,463 level.

Investors are reportedly concerned about rising inflation, which is forcing central banks to raise interest rates.

In the Europe, the Bank of England (BoE) yesterday, 8 February 2018 said it is likely to raise interest rates earlier and faster than previously expected to damp the effects of a stronger global economy on United Kingdom inflation.

Back home, ICICI Bank dropped the most by 2.75 per cent, followed by ITC 1.9 per cent, HDFC 1.85 per cent, Axis Bank 1.66 per cent and Larsen and Toubro 1.6 per cent. 136 stocks were unchanged. The broader S&P 500 stock index was also down more than 10% from its all-time highs.

Indian equities on Friday plunged into the negative territory amid a global sell-off, with the key indices - the BSE Sensex and NSE Nifty50 - shedding 407.40 points and 121.90 points, a fall of over 1 per cent each.

The Shanghai Composite index too fell 4.23% at 3,123.95 and the Singapore-based SGX Nifty index was at 10,420.00 points, down 1.34%.

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