Sensex down 300 pts at year's lowest level on weak global cues
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The BSE benchmark Sensex that opened weak fell further to this year's lowest level of 19,339, down over 300 points in the pre-close trading today, amid renewed concerns that US Federal Reserve's policy-tightening moves will reduce global liquidity.
Snapping a three-day gaining streak, the S&P BSE Sensex had declined by over 140 points in early trade, as funds and retail investors booked profits amid a weak trend on other Asian bourses.
As the day progressed, the 30-share index lost over 300 points as 28 constituents, led by Tata Steel, ICICI Bank and Hindalco recorded losses. It was last trading at 19,339.
Similarly, CNX Nifty was down nearly 90 points at 5,857.
Asian markets were trading with steep losses. Shanghai Composite tanked over 3 per cent, followed by Hang Seng (1.75 pc), Nikkei (1.4 pc) and Strait Times (0.70 pc).
In Europe, indices in Gremany, France and the UK were down in 1.3-1.6 per cent range in afternoon trade.
Yesterday, reports said the minutes of the Federal Reserve's January meeting revealed that many Fed officials are worried about the costs and risks associated with the USD 85 billion-per-month asset-purchase program.
"...the music is going to stop some day. It is not something that can continue for ever. This is not something, which is going to be liked by the markets," a report by HDFC Securities said.
The Dow Jones closed 0.8 per cent down while losses at Nasdaq were sharper at 1.55 per cent on Wednesday.