Mumbai: Benchmark Sensex plummeted over 377 pointsThursday, tracking lacklustre global cues amid concerns over the fiscal impactof the proposed package to woo farmers ahead of the general elections. The30-share BSE index cracked 377.81 points, or 1.05 per cent, to end at35,513.71. Similarly, the broader NSE Nifty plunged 120.25 points, or 1.11 percent, to settle at 10,672.25.
Asian andEuropean equities tripped following a sudden sell-off on Wall Street afterApple cut its revenue forecast for the first time in nearly 12 years. Globalinvestor sentiment also turned choppy after the White House meeting between USPresident Donald Trump and top Congressional leaders on resolving the ongoingpartial government shutdown ended in a stalemate Wednesday.
The biggestlosers in the Sensex pack were Vedanta, M&M, ONGC, Tata Steel, L&T,HDFC, NTPC and Axis Bank, falling up to 3.04 per cent. Among the gainers wereHCL Tech, Bajaj Auto, HUL and Asian Paints, rising up to 0.50 per cent. Sectorally,auto, pharma and metal indices took the worst hit, falling over 2 per cent. Tradingmood was subdued after reports said the government was contemplating directtransfers worth Rs 4,000 an acre per season for farmers, among otherincentives, which will likely have a substantial financial implication on theexchequer.
Investors alsoremained on the sidelines ahead of the corporate earnings scheduled to beginnext week, traders said, adding that heavy selling by foreign as well asdomestic funds weighed on local equities. On a net basis, foreign portfolioinvestors (FPIs) sold shares worth Rs 621.06 crore Wednesday, while domesticinstitutional investors (DIIs) were net sellers to the tune of Rs 226.18 crore,provisional data available with BSE showed.
Meanwhile, therupee was trading marginally weaker against the US dollar at 70.26. Brent crudefutures dropped 0.15 per cent to USD 54.83 per barrel. Elsewhere in Asia,Korea’s Kospi ended 0.81 per cent lower, while Hong Kong’s Hang Seng fell 0.26per cent and Shanghai Composite Index slipped 0.03 per cent. Japanese marketremained shut on account of New Year holiday. In Europe, Paris CAC was down0.58 per cent, while Frankfurt’s DAX fell 0.63 per cent. London’s FTSE slipped0.29 per cent.
