Sensex sees biggest fall in 7 weeks
The S&P BSE benchmark sensex ended at biggest single day fall after seven weeks, tumbling by 310 points to 27,774.88 and NSE Nifty by 103 points to 8,575.30 on profit-booking from investors amidst mixed global cues.
Shares of Refinery, Energy, Auto, Healthcare, Power, Consumer Durable, Utilities and Banking sectors fell sharply on heavy selling pressure.
The sensex resumed higher at 28,133.36 and hovered in a range of 28,143.28 and 27,736.62 before closing at 27,774.88, showing a biggest fall of 310.28 points or 1.10 per cent after seven weeks. The sensex had last dropped by 604.51 points or 2.24 per cent on June 24, 2016.
The NSE 50-share Nifty resumed higher at 8,686.70 and hovered in a range of 8,690.10 and 8,564.60 before finishing at 8,575.30, showing a biggest loss of 102.95 points or 1.19 pct after seven weeks. The nifty had last dropped by 181.85 points or 2.20 per cent on June 24, 2016.
In overseas stock markets, Asian and European stocks witnessed a mixed trend as investors assess the timing of the next interest rate hike by the US Federal Reserve as well as the outlook for oil prices. Key indices in Hong Kong, South Korea, Singapore and Taiwan firmed up by 0.04 pct to 0.50 pct while China and Japan fell by 0.18 pct to 0.23 pct.
European indices were trading lower in their afternoon session as indices in France, Germany and UK moved down by 0.09 pct to 0.22 pct.