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Sensex Drops Over 100 Points, Nifty Slips Below 10,820: 10 Things To Know

Top laggards on the 50-scrip benchmark index were Eicher Motors, L&T, Dr Reddy's, Wipro, Tech Mahindra and M&M.

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Sensex Drops Over 100 Points, Nifty Slips Below 10,820: 10 Things To Know

Losses in information technology stocks offset the advances in energy and metal shares

Domestic stock markets started Tuesday's session on a lacklustre note amid weakness in Asian peers. The Sensex fell as much as 136.87 points to touch 35,926.94 on the downside, and the Nifty declined to 10,817.00, down 46.5 points from the previous close. Losses in information technology stocks offset the advances in energy and metal shares. Meanwhile, the rupee edged higher to 70.81 against the US dollar in early trade, from its previous close of 70.92 against the greenback.
Here are 10 things to know:
  1. At 10:13 am, the Sensex traded 36.64  points lower at 36,027.17 while the Nifty was down 8.40 points at 10,855.10.
  2. Top laggards on the 50-scrip benchmark index at the time were Tech Mahindra, Wipro, Eicher Motors, Larsen & Toubro and Dr Reddy's Laboratories, trading between 0.95 per cent and 2.30 per cent lower. 
  3. The Nifty IT - a sectoral index on the National Stock Exchange comprising IT counters - fell as much as 0.75 per cent in morning. Heavyweights Tata Consultancy Services (TCS) and Infosys declined as much as 0.75 per cent and 0.82 per cent respectively.
  4. The domestic markets opened after a three-day break. On Monday, the financial markets remained closed due to Mahashivratri.
  5. Equities in other Asian markets stepped back on Tuesday with MSCI's broadest index of Asia-Pacific shares outside Japan dipping 0.2 per cent and Japan's Nikkei falling 0.3 per cent.
  6. China cut its growth target for this year to 6.0 from 6.5 per cent, in line with expectations, and pledged measures to support the economy amid growing challenges from rising debt, and a trade dispute with the US.
  7. Earlier on Monday, the US trade chief's office said that Washington intends to scrap the preferential trade status granted to India and Turkey. India has failed to provide assurances that it would allow required market access, while Turkey is "sufficiently economically developed" that it no longer qualifies, it added.
  8. The Sensex added 0.54 per cent and the Nifty climbed 0.67 per cent in the past week. During this period, official data showed the country's GDP growth slowed to 6.6 per cent in the quarter ended December 31, 2018, the slowest rate recorded since the quarter ended September 2017.
  9. Even as the global economy will further weaken in 2019 and 2020, India's economy will grow at 7.3 per cent in both the calendar years as it is less exposed to the global slowdown, according to US-based ratings agency Moody's.
  10. Pointing at downside risks to global growth and slowing of the monetary policy normalisation in 2019, it said the world economy weakened significantly in the fourth quarter of 2018 and will continue to weaken throughout 2019 and 2020.

(With agency inputs)





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