Sensex sheds 600 pts on global tensions, domestic woes

After opening flat in the early morning, the Indian indices on Tuesday witnessed a meltdown during the course of the day, owing to the global geopolitical tensions and domestic economic woes.

The 30-share benchmark of Bombay Stock Exchange (BSE), Sensex opened 46 points higher. However, during the day the index crashed by over 600 points as sell-off persisted. At the time of filing this copy, BSE Sensex was trading at loss of 678.48  points at 36,444.83, down 1.8%. Hero MotoCorp was the worst loser on the index losing over 4.5%.

The overall market sentiment was also highly negative with 1,602 declines against 757 advances.

All the indices of BSE were trading with losses in excess of 1% at the time of filing this copy.

The situation on broader index, National Stock Exchange’s (NSE) Nifty50 was no different.  At the time of filing this copy, the 50-share index was trading at points with a loss of 10,811.85 points, losing 191.65 (1.74%) points during the day’s trade, till now.

Experts attribute the meltdown to global geopolitical tensions after Kingdom of Saudi Arabia was forced to cut of 60% of its daily oil supply, post a pre-dawn drone attack on Aramco installations by Houthi rebels of Yemen. According to analysts, a lot has been contributed by the economic slowdown and the policy paralysis that country has been witnessing off late.

"Saudi response vis-a-vis the drone atacks will be a significant factor in determining volatility in Indian markets (Vix), in addition to domestic economic trends," Anubhav Shrivastava, Partner, Infinity Alternatives said.

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