Technoglitch
Core Member
Benchmark share indices lost ground for the fourth straight session to end at their lowest closing level in four months, amid a sell-off in global stocks, after further depreciation of the Chinese yuan rekindled fears of a growth slowdown in the world's second largest economy while slump in crude oil prices also dampened sentiment.
The S&P BSE Sensex plunged 555 points to end at 24,852 after hitting a 52-week low of 24,825.70 intra-day and the Nifty50 lost 173 points to close at 7,568. Meanwhile, the broader markets underperformed the benchmarks with BSE Midcap and Smallcap indices slumping between 2.5%-3% each.
"After the shake off given by China in terms of 3rd Currency Devaluation in a span of 5 odd months, there was sheer disappointment across the global markets. Almost all of Nifty 50 stocks closed in the negative today, a very rare reading. It indicates that this market may need a lot of time to recover. So far the indices are down almost 5% YTD, and the year has just begun," Said Kunal Bothra, Head-Advisory, LKP Securities.
China's yuan checkmates global stocks; Sensex slumps 555 points | Business Standard News
The S&P BSE Sensex plunged 555 points to end at 24,852 after hitting a 52-week low of 24,825.70 intra-day and the Nifty50 lost 173 points to close at 7,568. Meanwhile, the broader markets underperformed the benchmarks with BSE Midcap and Smallcap indices slumping between 2.5%-3% each.
"After the shake off given by China in terms of 3rd Currency Devaluation in a span of 5 odd months, there was sheer disappointment across the global markets. Almost all of Nifty 50 stocks closed in the negative today, a very rare reading. It indicates that this market may need a lot of time to recover. So far the indices are down almost 5% YTD, and the year has just begun," Said Kunal Bothra, Head-Advisory, LKP Securities.
China's yuan checkmates global stocks; Sensex slumps 555 points | Business Standard News
