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Market ends 1.5% lower amid sharp sell-off; Sensex gives up 36,000

Market ends 1.5% lower amid sharp sell-off; Sensex gives up 36,000

Market ends 1.5% lower amid sharp sell-off; Sensex gives up 36,000
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By Ajay Vaishnav  Oct 3, 2018 3:49:44 PM IST (Updated)

The NSE Nifty50 traded at 10,925, down by 83 points, or 0.76 percent at 11.45 am, while the BSE Sensex slided by over 238 points, or 0.65 percent, to trade at 36,288.

Indian shares ended sharply lower on Wednesday, after sustained selling across sectors in the last hour of trade. The BSE Sensex gave up 36,000, ending the day at 35,976, nosediving by 550 points, or 1.51 percent, while the Nifty settled below 10,900, closing at 10,858, lower by 1.36 percent, dipping by 150 points.

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All major sectoral indices except Nifty Metal ended in the red, while the Nifty Bank tested 25,000, down by 300 points. Nifty Auto turned out to be the biggest sector loser, plunging 3 percent. ICICI Bank alone contributed to around 150 points in the Nifty Bank’s sharp decline, while Yes Bank provided mild support as shares surged 6 percent.
Both M&M and Eicher Motors were among the biggest losers, erasing more than 6.5 percent value. Market breadth remains in favour of advances despite sharp sell-off, with the NSE advance-decline ratio at 3:2.
(Market update as of 3.45 pm)
Sensex slides over 200 points in afternoon trade; TCS, Reliance Industries, auto stocks drag
Indian equity market continued to trade negative in the afternoon trade on Wednesday, weighed down by macro-economic concerns after Indian rupee fell to a record low against the US dollar amid surging crude prices.
Indian rupee opened at 73.24 against the US dollar. The home currency fell to record low of 73.41 against the greenback as the crude prices rose to near 4-year high of $85 per barrel.
The NSE Nifty50 traded at 10,925, down by 83 points, or 0.76 percent at 11.45 am, while the BSE Sensex slided by over 238 points, or 0.65 percent, to trade at 36,288.
Broader markets also under-performed. The BSE MidCap dropped over a percent, while BSE LargeCap declined 0.78 percent. The NSE MidCap traded lower by 0.68 percent.
Among NSE sectoral indices, Media, Metal, Pharma, PSU Bank and Realty traded in the green. Metal rose by 1.86 percent. Nifty Bank dipped 0.16 percent to trade at 25,326. Auto slumped the most by 1.7 percent, while FMCG and IT traded lower by 0.97 and 0.88 percent, respectively. Only 7 out of 19 BSE sectoral indices traded positive, rising by up to 1.80 percent. Nifty Energy shed 0.68 percent.
Index heavyweight stocks TCS and Reliance Industries along with auto stocks were the biggest drag on indexes. Eicher Motors stock took a beating after Royal Enfield reported a mere 2 percent rise in September sales, marking the third consecutive month of single-digit sales.
Among the major gainers, Yes Bank stock recovered as brokerages turned positive after management clarity on growth and capital. The IL&FS group stocks were locked in upper circuit after the government appointed a new board under the leadership of Uday Kotak.
Apart from Yes Bank, Vedanta, Bajaj Finance, Hindalco, Tata Steel, Bajaj Auto, ONCG, all rose by up to 5.27 percent, while Bharti Infratel, M&M, UPL, Vodafone Idea, Axis Bank, IndusInd Bank, Maruti Suzuki and TCS dipped by up to 5.08 percent.
The rupee recovered sharply from record low levels on Wednesday after NewsRise reported that the government was in talks with the central bank for a special dollar swap window with some state-run fuel retailers, according to Reuters. At 12.05 pm, the rupee traded at 73.03 against the US dollar.
In Asia, Japan's Nikkei traded lower by 0.71 percent. China’s financial markets are closed for the National Day holiday and will resume trade on October 8. South Korea was also closed for a public holiday.
Also, catch all the action and updates in our Market Live blog.
(With inputs from agencies)
 
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