Sensex Falls Over 200 Points, Nifty Slides Below 11,450
Domestic stock markets started Wednesday's session on a weak note, tracking a sharp fall in global markets on renewed concerns about world economic growth. The S&P BSE Sensex declined as much as 245.25 points to 38,031.38 in early deals, and the NSE Nifty slid to 11,429.15, down 68.75 points from the previous close, as the markets extended their losses to a sixth straight session. Weakness in media, FMCG and pharma stocks dragged the markets lower.
At 9:22 am, the Sensex traded 205.44 points lower at 38,071.19 while the Nifty was down 54.85 points at 11,443.05. Top laggards on the 50-scrip index at the time were Vedanta, Zee Entertainment, Indiabulls Housing Finance, HDFC and Hindalco, trading between 1.20 per cent and 3.06 per cent lower.
Reliance Industries, HDFC and HDFC Bank were the top drags on the Sensex.
Equities in other Asian markets fell, tracking a slide in Wall Street overnight, driven by fears that global growth will suffer as a potential trade deal between the United States and China appeared to be unravelling.
MSCI's broadest index of Asia-Pacific shares outside Japan fell 0.75 per cent, stooping to its lowest level since late March.
Beijing said on Tuesday that Chinese Vice Premier Liu He will visit Washington on Thursday and Friday for trade talks, setting up a last-ditch bid to salvage a deal that would avoid a sharp increase in tariffs on Chinese goods ordered by US President Donald Trump.
The domestic equity benchmark indexes had clocked their longest stretch of losses since February 19 on Tuesday. The Sensex declined 790.7 points - or 2.02 per cent - during this period.
(With inputs from Reuters)
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