Markets open on a higher note on Wednesday

Jon Howard
February 8, 2018

The Sensex went on to notch another lifetime high on January 29, the broader market was plunging lower.

The 10-year US Treasuries yield rose to as high as 2.885 per cent on Monday, its highest in four years and 47 basis points higher than the 2.411 per cent seen at the end of 2017.

By afternoon, the domestic market looked far better, with the indices recovering more than half their losses. The Sensex finally ended at 34,195.94, down 561.22 points, or 1.61 per cent.

Mumbai: Indian equity markets plunged on Tuesday wiping out around Rs 5 lakh crores of investors wealth in just the first few minutes of trade as the rout in the global equities extended for the third consecutive day with the Dow Jones Industrial Average in U.S. sinking more than 1,100 points or 4.6 per cent, its biggest single day slide in percentage terms since August 2011.

Nifty 50 still down 1.2 percent. A short while ago it was trading at 33,938 loosing 820.

During the six-day losing streak, benchmark Sensex index declined almost 7% or 2,529 points, while the Nifty index slumped over 6.3% or 765 points.

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BSE data showed that 225 stocks hit their 52-week lows on Tuesday, while 2,223 declined, 529 advanced and 149 remained unchanged. Also, the rising income for India in the third quarter along with the recovery of the manufacturing units and retail business for the shake off caused by GST implementation, all together led to this rise in share prices.

Following the Dow Jones fall, the S&P 500 Index lost 4.1% while NASDAQ was down by 3.7%. In last three trading sessions including today, investors have lost almost Rs 10 lakh crore od wealth. The other reason could be Budget proposals to tax equities. "There was only minimal disruption on Day 1", said Finance Secretary Hasmukh Adhia in a tweet. "What happened on February 2 and February 5 was mainly because of global shake up that was happening".

The government has dismissed any link between the bloodbath in the Indian strock markets and the Budget, claiming that the development is linked to sell-off in world stocks. "Otherwise, the Sensex and NSE would have come down on the first day itself", he added. It plunged by over 300 points or 3.00 percent. But bonds gained as investors sought safe havens. However, largest lender SBI was up 0.75 percent.

Bitcoin fell to $6,853.53 in early afternoon trading in NY, marking a fall of more than half from a peak of nearly $20,000 hit in December. NSE Nifty too has narrowed losses by 95 points to trade at 10571.55.

Tata Motors slumped 6.45 percent to Rs 370.50 on the BSE. TOI reported crude oil futures declined by Rs. 19 to Rs. 4,081 per barrel.

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