Logging
their worst drop in over five weeks, Sensex today fell 244.48 points
to end at below 27,000 mark and Nifty slid 63.50 points to below
8,100 level on US rate hike fears and tepid China data, despite
domestic inflation in August easing to nearly five-year low. The
rupee depreciated against US dollar to 61.14 levels, further
dampening market sentiments, said equity brokers. Wary market
participants preferred to book profits as they expected early hike in
interest rates by the US Federal Reserve. Higher US rates is likely
to trigger capital outflows in emerging markets, including India.
Fed's two-day policy setting meeting starts tomorrow. Metal shares
suffered the most after lacklustre Chinese factory output indicated
slowdown in world's second biggest economy. Asian markets also
retreated reacting to China data. Refinery, IT, capital goods and
FMCG stocks in Indian markets also attracted profit-booking while
some of the pharma and realty counters closed with gains, said
traders. The BSE 30-share Sensex resumed lower in line with sluggish
Asian trends on the back of Friday's fall on Wall Street. It
gradually moved down further to settle at a two-week low of
26,816.56, down 244.48 points or 0.90 per cent. Today's drop is its
worst fall since August 8, 2014. Worries over weak IIP growth that
slowed to 4-month low of 0.5 per cent in July weighed even wholesale
inflation fell sharply in August to 3.74 per cent, nearly 5-year low.
Similarly, the 50-issue NSE Nifty also dipped by 63.50 points or 0.78
per cent, also its biggest loss since August 8, to two-week low
levels of 8,042. "Benchmark indices ended lower for the day,
driven lower by weak global markets. The policy meeting of the US Fed
continued to be in focus. Markets are awaiting signals from the Fed,
if any, on the timing of interest rate hikes," said Dipen Shah,
Head- PCG Research, Kotak Securities. With CPI inflation data (7.8
per cent y-o-y in August) already getting released last week, markets
chose to ignore WPI data and focussed on the US Fed meeting, he
added. Oil prices sank. US benchmark West Texas Intermediate for
October delivery eased 74 cents to USD 91.53, while Brent crude for
October rose 39 cents to USD 97.50 in afternoon trade.
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