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Great fall of China pulls markets down
Another China-led selloff hit the global markets. Indian markets were slaughtered for the fourth consecutive session on Thursday, after trading was suspended in Chinese shares amid steep fall in crude oil prices.
Bulls hit China wall
Mumbai: Another China-led selloff hit the global markets. Indian markets were slaughtered for the fourth consecutive session on Thursday, after trading was suspended in Chinese shares amid steep fall in crude oil prices.
China appeared to be the main reason for concern on Thursday, as Shanghai stopped trading for about half-an-hour after shares fell over 7 per cent. Chinese Yuan was further devalued and circuit breaker was triggered twice. Even other Asian markets also fell up to 3 per cent.
Giving a surprise of sorts, on Wednesday, the People's Bank of China had fixed reference rate against the US dollar at 0.5 per cent at the lowest, which triggered panic selling across global peers that is the reason why global markets started tracking Yuan. Further depreciation of Yuan raised fears of economic slowdown in the world's second largest economy.
China impact is intense, the markets have ignored FOMC (Federal Open Market Committee) meeting minutes suggesting that delay in future round of rate hike. On the Indian front, the analysts say that the investors will continue to track global market for cues, while they opined that Nifty at 7,500 get strong support.
The benchmark Sensex suffered this year's worst single-day fall of 555 points to close at 24,851.83 on sustained outflows. The rupee pulled down more than a three-week low of 66.93 against US dollar.
On the other hand, gold retained Rs 26,000-level at a three-week high of Rs 26,330 per 10 grams. Nifty fell to 173 points to close at 7,568 and even broader markets underperformed the index shares.
Interestingly, six sensex stocks - ONGC, Tata Motors, RIL, Maruti, SBI and Axis Bank - have lost market capitalisation of over Rs 5,000 crore each. While, Hindustan Unilever, HDFC, ITC, Infosys, HDFC Bank, L&T and NTPC lost it market capitalisation in the range of Rs 3,000 crore to Rs 5,000 crore.
On sectoral front, the sectors auto, capital goods, bank, healthcare amd metal indices came under selling pressure. The losers: BHEL, down 6.98 per cent at Rs 153.85; Tata Steel, down 6.85 per cent at Rs 250.10; Tata Motors, down 6.15 per cent at Rs 343.20; Axis Bank, down 4.98 per cent at Rs 409.35; and Maruti, down 4.75 per cent at Rs 4,266.55.
