Business

Sensex 1,000 Points Down, Nifty Falls By 2.15%

JAVED SAIFI | 0
2872
| October 11 , 2018 , 12:24 IST

After a massive slide in global stock markets along with a weak rupee, the Bombay Stock Exchange (BSE) Sensex and National Stock Exchange (NSE) Nifty50 have opened on a weak note on Thursday.

The BSE Sensex, which had opened at 34,063.82 points, traded at 34,014.07 points, down 746.82 points or 2.15 per cent, the Nifty50 of traded at 10,234.80 points, down 224.55 points or 2.15 per cent from its Wednesday's close at 12 am.

According to market observers, the slide in the US and Asian markets eroded investors' risk-taking appetite and at one point plunged the barometer S&P BSE Sensex by over 1,000 points.

Also Read: Sensex Plunges To 37,677, Nifty Down By 120.40 Points

Heavy selling pressure was witnessed in banking, metals, automobile, IT and capital goods stocks. All 19 sector-based indices of the S&P BSE traded in the red.

"We started with a strong selling due to a weak Asian market given sharp fall in the US market yesterday, fearing that rising interest rates and trade tension is going to impact company's profitability," Vinod Nair, Head of Research, Geojit Financial Services, told IANS.

"IT, banks, realty and metal stocks have fallen the most, while Oil and gas and media stocks have fallen the least. Nifty seems to be in a temporary bottom formation stage which could last a few more days," HDFC Securities Head of Retail Research Deepak Jasani said.

(With Inputs From IANS)