Closing Bell: Sharp selloff in last hour
drags D-Street, Sensex ends nearly 300 points lower; Nifty gives up 11,300.
A sharp
selloff in the last hour dragged the market to its lowest point, with the Nifty
breaching 11,300-mark and ending below it. The Sensex closed almost 300 points
lower.
US
imposing tariffs on USD 200 billion worth of Chinese goods and services late on
Monday along with a surging crude prices weighed on the market on Tuesday.
Adding to the pain was a weakening rupee, which fell to 72.75 per US dollar
when the market came to a close. Crude prices surged in the last hour of
trading after Saudi Arabia is said to have been comfortable with Brent trading
above USD 80 per barrel.
At the
close of market hours, the Sensex ended lower by 294.84 points or 0.78% at
37290.67, while the Nifty fell 98.90 points or 0.87% at 11278.90. The market
breadth is negative as 879 shares advanced, against a decline of 1,775 shares,
while 178 shares were unchanged.
Shares of
Hindustan Unilever and Yes Bank were the top gainers, while State Bank of
India, Tata Motors, and Indiabulls Housing lost the most.
HEADLINES OF THE DAY
IRCON
International IPO subscribed 49% so far, retail investors lap up issue
completely.
PSU
banks correct sharply after govt announces merger of Vijaya Bank, Dena Bank and
BoB.
The crucial resistance for
Nifty spot is now seen at 11380 and above this 11500 Support for the immediate
term is now placed at 11200 next support will be 11050.
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