Markets log 2nd biggest loss of the year

Markets log 2nd biggest loss of the year

The benchmark indices closed over 2% lower on Thursday, logging its second biggest fall in the calendar year 2018, following a weak rupee which hit an historic low in the intraday trade. The day also witnessed Brent curde touching a four-year high of $86 a barrel.

The S&P BSE Sensex ended the day's trading at 35,169, down 806 points or 2.24% lower over the Wednesday's closing of 35,976 points. The Nifty 50 index ended the day's trading at 10,599 points, showing a decline of 259 points.

Prior to this, on the Budget Day -- February 02, 2018 -- the benchmark index witnessed a fall of 839.91 points. It's the only second instance in the current financial year, when Sensex saw a decline in excess of 800 points.

Riddhi Steel and Tube Ltd was the biggest loser in the BSE with shares tanking 20% to close at Rs 24.80.

Meanwhile, as the rupee plunged to a new low on Thursday, the finance minister Arun Jaitley announced that the government will be reducing the excise duty on fuel by Rs 1.50, while the Oil Marketing Companies will be cutting the price by another one rupee. The states have been asked to match the excise cut with a similar reduction.

The stress of rising brent prices reflected on the stocks of Indian oil companies as well. Hindustan Petroleum Corporation saw its shares tank by 12.23% to close at Rs 220.60, while Indian Oil Corporation saw its stocks dip by 10.57% to close at Rs 140.85. 

When sensex lost above 500 points in 2018


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