Wednesday, October 10, 2018

Sensex, Nifty drops over 2.6% on global equity sell-off; TCS slips 3%

The stock market tanked after the biggest stock sell-off in the US since February rolled through Asia after 10-year yields hit the highest since 2011.
Equity benchmark indices on Thursday witnessed a dramatic crash as Sensex tanked over 1,000 points and Nifty 50 opened below the 10,200 mark. The stock market tanked after the biggest stock sell-off in US since February rolled through Asia after 10-year yields hit the highest since 2011.

The Sensex plunged 1,008 points to hit the day-low of 33,723 and the Nifty 50 Index too cracked below the 10,200 mark, hitting an intraday low of 10,138.60, losing more than 300 points.

The market breadth, indicating the overall health of the market was quite weak.

Shares of TCS was down ~3% ahead of Q2 numbers today.

On the sectoral front, metals, automobiles, banks, and pharmaceuticals are seeing heavy selling pressure, down over 2.5% respectively.

On the flip side, aviation stocks gained in a weak market as the government cut excise duty on jet fuel from 14% to 11%. Shares of IndiGo, Jet Airways and SpiceJet were up 1-2%.

The Indian rupee opened lower and dropped 24 paise to a record low of 74.46 per dollar.

Asian shares tanked up to 5% on Thursday, tracking the overnight fall in US stocks. 

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