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INDIA-MARKET-SENSEX
Sensex drops below 35,000-mark ahead of RBI policy outcome
Mumbai, Oct 5, 2018 (BSS/PTI) – The BSE Sensex fell over 300 points
Friday, extending its losing run for the third day, ahead of the RBI’s bi-
monthly policy meet outcome amid weak global cues.
The 30-share index after cracking the 35,000-mark by falling over 335
points to touch a low of 34,833.81, pared some losses to quote 194.44 points,
or 0.55 per cent lower at 34,974.72.
It lost 1,356.98 points in the previous two sessions on rupee woes and
boiling crude oil prices.
Sectoral indices led by oil and gas, PSU, infrastructure, auto and banking
stocks cracked up to 10.27 per cent.
Stocks of state-run oil companies were under selling pressure as the
government Thursday announced a Rs 2.50 per litre cut in petrol and diesel
prices after it reduced excise duty by Rs 1.50 a litre and asked oil
companies to absorb another Re 1.
Shares of BPCL, HPCL and IOC were trading sharply lower by up to 20.50 per
cent on nervous selling by investors.
The NSE Nifty also dropped by 90.40 points, or 0.85 per cent, to 10,508.85.
Brokers said investors offloaded their positions, tracking a selloff in
global markets as US Treasury surged to multi-year highs on robust economic
data and comments from the Federal Reserve, sparking fears of accelerating
inflation.
Besides, caution ahead of RBI’s monetary policy announcement which expected
to hike interest rates by 25 basis points, too, dented sentiments, they
added.
Shares of ONGC, Bajaj auto, HUL, ITC, M&M, RIL, Maruti Suzuki, Hero
MotoCorp, Adani Ports, HDFC Bank, NTPC, Vedanta, HDFC, HDFC Bank, Tata Steel
and Axis Bank tanked up to 11.27 per cent.
On the other hand, Sun Pharma, IndusInd Bank, Tata Motors, Infosys, Yes
Bank, PowerGrid, TCS and Kotak Bank bucked market trend, and were trading in
the green, rising up to 2 per cent.
Meanwhile, foreign portfolio investors (FPIs) sold shares worth a net of Rs
2,760.63 crore Thursday, while domestic institutional investors (DIIs) bought
shares worth a net Rs 1,823.59 crore, provisional data showed.
Among other Asian markets, Japan’s Nikkei, Hong Kong’s Hang Seng, Strait
Times and Taiwan indices fell up to 1.73 per cent.
The US Dow Jones Industrial Average too ended lower Thursday.
BSS/PTI/HR/1220