Sensex, Nifty Fall After Global Peers See Rough Start To 2019
Closing Bell: Sensex Drops 363 Points; Eicher Motors Falls Most In Over 10 Years
Indian equity benchmarks fell along with rupee mirroring losses in European and Asian markets after evidence of slowing Chinese growth dashed investor hopes for an upbeat start to 2019.
The S&P BSE Sensex fell 1 percent or 363 points to 35,891.52 and the NSE Nifty 50 Index dropped 1.08 percent or 118 points to 10,792.50.
Contracts on the S&P 500 Index at one point dropped more than 2 percent, while those on the Nasdaq plunged as much as 2.8 percent. The Stoxx Europe 600 Index fell for the first time in three trading sessions as every sector retreated.
Back home, all the 11 sector gauges compiled by National Stock Exchange ended lower led by Nifty Metal and Nifty Auto Indices' over 3 percent decline.
Eicher Motors was the top Nifty loser after it slumped 9.40 percent, posting its biggest single day fall since October 2008, to Rs 21,014 after Royal Enfield reported a 13 percent slump in sales on a yearly basis to 58,278 units in December, according to its stock exchange filing.
Indian Banks Are Said to Meet On Plan for Delinquent Power Firms
The heads of several Indian banks are meeting in Mumbai today to discuss plans for how to resolve delinquent loans to about ten stressed power producers, according to a person familiar with the matter.
The banks are discussing a so-called scheme of asset management and debt change structure for the delinquent power producers, the person said, asking not to be identified because the details are private.
Rupee Extends Decline, Hits 70/Dollar
Rupee depreciated further against the dollar to hit 70 per dollar against yesterday's close 69.43.
The local unit fell as much as 0.89 percent or 62 paise to 70.05 per dollar.
Market Check: Sensex, Nifty Extend Losses Led By Declines In HDFC, RIL
Indian equity benchmarks extended declines mirroring losses in European markets amid deep cuts in U.S. equity futures.
The Sensex fell 1.44 percent or 520 points to 35,734 and the Nifty 50 Index dropped 1.6 percent or 175 points to 10,735.
All 11 sector gauges compiled by National Stock Exchange were trading lower led by the Nifty Metal Index's 3.2 percent drop.
U.S. Equity Futures Fall In First Session Of 2019
- U.S. equity market futures contract were trading sharply lower on the first session of 2019.