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Sensex Plunges Nearly 400 Points From Day's High, Nifty Gives Up 11,300: 10 Things To Know

The International Monetary Fund cut its growth forecast for India citing a weaker-than-expected outlook for domestic demand.

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Sensex Plunges Nearly 400 Points From Day's High, Nifty Gives Up 11,300: 10 Things To Know

ICICI Bank, Reliance Industries and Larsen & Toubro were the top drags on the Sensex

Domestic stock markets suffered sharp losses on Wednesday despite gains in Asian peers, a day after the International Monetary Fund cut its growth forecasts for India. The S&P BSE Sensex benchmark added 120.1 points to touch 38,102.84 on the upside in morning deals, and then slumped as much as 394.43 points from that level to touch 37,708.41 at the day's weakest level. The NSE Nifty benchmark slid below the 11,300 mark, moving in a range of 129.95 points, between an intraday high of 11,359.75 and then an intraday low of 11,229.80. A selloff across sectors - led by automobile, metal, pharma and energy stocks - pulled the markets lower.
Here are 10 things to know about the stock markets today:
  1. The IMF said the Indian economy is set to grow 7.0 per cent in 2019 and 7.2 per cent the next year, a downward revision of 0.3 percentage point for both years, citing a weaker-than expected outlook for domestic demand.
  2. At 11:41 am, the Sensex traded at 37,722.48, 260.26 points - or 0.69 per cent - lower from the previous close, while the Nifty was down 93.95 points - or 0.83 per cent - at 11,237.10.
  3. Market breadth was sharply negative, with 639 stocks trading higher on the BSE and 1,458 struggling with losses. On the NSE, 476 stocks advanced while 1,197 declined.
  4. Top percentage laggards on the 50-scrip index at the time were JSW Steel, Vedanta, Adani Ports, Tata Steel, Eicher Motors and BPCL, trading with losses of between 3.13 per cent and 5.34 per cent. 
  5. ICICI Bank, Reliance Industries and Larsen & Toubro were the top drags on the Sensex.
  6. Shares in Larsen & Toubro (L&T) fell as much as 1.31 per cent in intraday trade, a day after the industrial group reported a 20.46 per cent rise in net profit from continuing operations in the quarter ended June 30. 
  7. On the other hand, Hindustan Unilever shares gained 1.11 per cent to an intraday high of Rs 1,712.00 apiece on the BSE. After market hours on Tuesday, the FMCG major had reported a 14.85 per cent rise in net profit for the quarter ended June 30. 
  8. Meanwhile, equities in other Asian markets gave a guarded welcome to hints of progress in the US-China trade saga, with MSCI's broadest index of Asia-Pacific shares outside Japan gaining 0.4 per cent and Chinese blue chips climbing 1.2 per cent.
  9. Japan's Nikkei added 0.5 per cent, while Australian stocks rose 0.8 per cent to all-time highs. Overnight on Wall Street, the Dow Jones industrial average, the S&P 500 and the Nasdaq ended 0.65 per cent, 0.68 per cent and 0.58 per cent higher respectively.
  10. The Sensex and Nifty had closed 0.13 per cent lower each on Tuesday, extending their losses to a fourth straight session to settle at the lowest levels recorded since mid-May.

(With inputs from Reuters)





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