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Stocks, rupee weaken, bonds gain in line with global markets

07 February, 2018, 01:00 | Author: Melinda Barton
  • Mutual funds betting more on banking and financial services

The benchmark BSE Sensex ended down 561.22 points or 1.61 percent at 34,195.94, extending losses for a sixth consecutive session. Nifty increases by 118 points, which is 1.07%, that is, the final closure was at 11,084 points.

Bajaj Finance, Eicher Motors and Bharti Airtel rebounded with more than 1 percent gains, followed by L&T, ICICI Bank, Tata Steel and Dr Reddy's Labs with moderate gains. It opened at Rs. 64.35 per dollar as against Rs. 64.06 on Monday.Earlier in the day, the Dow Jones Industrial Average fell 1,175.21 points to 24,345.75. As many as 13 per cent felt the fall could be steeper at 10 per cent.

The BSE MidCap Index slipped 1.33% and the BSE SmallCap Index dropped 1.92%.

Following the trend were Asian markets with Japan's Nikkei225 diving 5%, Australia's S&P/ASX 200 plummeting 3%, and South Korea's Kospi losing 2.3%. "Just because something applies in global markets doesn't mean it has to happen in India too. We aren't living in an island so there will be ripple effect of what is happening in world on Indian stock markets".

Experts say that indices will continue to trade lower for the next few days with the investor sentiment remaining negative after Finance Minister Arun Jaitley announced LTCG Tax in Union Budget 2018.

He also added that capital market regulator SEBI is keeping a close watch on the stock market decline.

Indian markets were already reeling under pressure after the government presented the budget that focused on populist measures ahead of general elections in 2019 and re-imposed long-term capital gains (LTCG) tax on equities. The benchmark 10-year bond yield was down 3 basis points at 7.57 percent, after last week posting its biggest weekly decrease since February 2017. United States stocks plunged in highly volatile trading on Monday, with both the S&P 500 and Dow Industrials indices falling more than 4 per cent. The Dow Jones Industrial Average recorded its biggest single session fall in almost seven years on Monday, losing 4.6%, or 1175 points.



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