Sensex sinks 385 points |
The Mumbai stock market fell for the sixth straight session, with Sensex tumbling over 385 points to hit a fresh six-month low of 25,765.14 and Nifty plunging below the key 8,000-mark on across-the-board sell off amid concerns over the impact of demonetisation coupled with foreign fund outflows. Once again anxiety gained upper-hand following continued selling by foreign funds amid fresh worries of US monetary policy in view of last week’s hints by Federal Reserve Chair Janet Yellen on potential rate hike next month and anticipation that President-elect Donald Trump will resort to protectionism and fiscal expansion.While domestic cash crunch following demonetisation drive to curb black money played its part, the rupee volatility — which slid from initial gains — sparked intense selling pressure. The Sensex resumed higher at 26,246.70 for a brief while, it hovered in a range of 26,270.28 and 25,717.93 before ending at fresh six months low at 25,765.14, showing a loss of 385.10 points or 1.47 per cent.
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