Sensex tanks 770 points |
Indian benchmark indices Sensex and Nifty cracked over 2 percent on Tuesday amid heavy selling following a set of subdued macroeconomic data. The 30¬ share Sensex tanked as much as 770 points to 36,563 while NSE Nifty ended at 10,798, down 225 points or 2.04 percent. In early trade on Wednesday, The Sensex is up 45.10 points or 0.12% at 36608.01, and the Nifty up 20.70 points or 0.19% at 10818.60. Market sentiment got impacted after June quarter GDP data released on Friday showed the country`s growth rate slumped for the fifth straight quarter to hit an over six¬ year low of 5 percent. Official data on Monday showed the growth of eight core industries dropped to 2.1 percent in July, mainly due to a contraction in coal, crude oil and natural gas production. The Indian rupee too gained and opened higher by 21 paise at 72.18 per dollar versus previous close 72.39. The rupee had tanked by 64 paise to 72 mark against the US dollar on Tuesday following sustained outflows by foreign portfolio investors (FPI). Overseas investors offloaded stocks worth a net of Rs 5,920 crore in the domestic market in August even after the government rolled back enhanced tax surcharge on FPIs.
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