Sensex Slumps Nearly 700 Points On Weak Global Markets
Closing Bell: Sensex, Nifty Plunge Most In Over A Week
Indian equity benchmarks plunged along with global markets overshadowing gains from decline in oil prices and expectation of easier monetary policy domestically.
The S&P BSE Sensex fell 1.89 percent or 690 points to 35,742 and the NSE Nifty 50 Index dropped 1.81 percent or 198 points to 10,754.
Indian markets fell in line with global markets and disconnect earlier this week with global markets was largely on account of expectation of easier monetary policy domestically and liquidity. Now that has played out and we are falling in line with international markets, Market Expert Anand Tandon told BloombergQuint in an interview.
All the 19 sector gauges compiled by BSE ended lower led by the S&P BSE Information Technology Index’s 2.6 percent drop.
Markets Falling In Line With Weak Global Cues, Say Experts
Indian markets fell in line with weak global cues market experts told BloombergQuint.
Here’s what experts said on the steep fall in markets:
- Indian markets fell in line with global markets and disconnect earlier this week with global markets was largely on account of expectation of easier monetary policy domestically and liquidity. Now that has played out and we are falling in line with international markets. — Market Expert Anand Tandon.
- In the last one-month India outperformed world markets tracking fall in crude price but sooner or later Indian markets had to catch up with what was happening in U.S. This correction can cause temporary aberration and over 6-9 months and markets will be volatile as we approach general elections. — Dilip Bhat, joint MD Prabhudas Lilladher
Stocks Stumble To The End Of A Miserable Week
The pain across equity markets continued on Friday, with European and Asian stocks retreating in the wake of more losses on Wall Street and U.S. futures showing few signs of a rebound. Major currencies were calmer as bonds in Europe retreated.
The Stoxx Europe 600 Index edged down at the open, with telecommunications shares leading declines as almost every sector fell.
Daiichi Is Said To Win Appeal In Its $526 Million Ranbaxy Award
Singapore’s High Court has rejected an appeal from India’s Singh brothers and upheld an earlier order that they must pay a $526 million award to Daiichi Sankyo Co. Ltd., according to people familiar with the matter.
The verdict is the latest court victory for the Japanese drugmaker as it seeks to enforce a finding by a Singapore tribunal that Malvinder and Shivinder Singh concealed information during the sale of their drugmaker, Ranbaxy Laboratories Ltd., a decade ago. Ranbaxy plead guilty to the distribution of adulterated drugs and had to pay the U.S. Department of Justice a $500 million penalty in 2013 after Daiichi bought it from the Singhs.
Bharti Infratel Off Day's Low After Block Deal
- Bharti Infratel has 14.7 lakh shares change hands in a block on BSE. Stock up 0.34 percent to Rs 261.10.
Buyers and sellers were not immediately known