Chinese fall weighs on Sensex, plunges 255 pts

Chinese fall weighs on Sensex, plunges 255 pts

In volatile trade, the Bombay Stock Exchange barometer closed at 15,666.64 points, a loss of 255.70 points, or 1.61 per cent, over its last close.
The 30-share BSE index had gained 1,112.70 points, or 7.51 per cent in the seven-day long winning rally on growing confidence in the domestic economy.
Brokers said acceleration of GDP growth failed to dispel the gloom coming from overseas, specially from China. The market rallied after the GDP numbers were announced, but higher levels attracted selling and market drifted downward.

The Indian economy grew by 6.1 per cent during the first quarter of this fiscal, according to the data released by the Central Statistical Organisation (CSO) today, making India the second fastest growing economy after China.

China's Shanghai Composite index plunged 6.74 per cent on continued apprehension about the impact of weakening bank lending on the economy. As a result, other Asian indices ended in the red while European markets were trading weak in their afternoon trade, putting pressure on the local bourses.

The broader 50-issue Nifty of the National Stock Exchange fell by 70.25 points, or 1.48 per cent, to 4,662.10 points.
In Asia, Hang Seng dipped by 1.86 per cent, Singapore's Straits Times by 1.42 per cent, Kospi by 1.00 per cent and Japan's Nikkei by 0.40 per cent.
IT, metal, refinery and capital goods counters suffered a setback on profit booking while realty and auto shares attracted good buying support.

Although Sensex closed in the red, total market breadth was positive due to retail investors buying in small-cap and mid-cap segments as 1,648 counters ended with gains against 1,154 that finished with losses on BSE.
The country's largest private sector firm and the top heavyweight Reliance Industries tumbled by 3.20 per cent, mainly weighing on the benchmark index.
Among other index-based shares, Tata Steel dipped by 3.26 per cent, Hindalco by 3.11 per cent, Sterlite Ind by 2.91 per cent, L&T by 2.91 per cent, Infosys Tech by 2.53 per cent, TCS by 2.50 per cent, Wipro by 2.37 per cent and ITC by 2.34 pct.
From the sectoral indices, the BSE-IT dropped by 96.41 points or 2.26 per cent, the BSE-Metal by 276.35 points or 2.18 per cent, the BSE-Oil&Gas by 170.11 points or 1.71 per cent and the BSE-CG by 180.22 points or 1.35 per cent.

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