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NEW DELHI: Even as the market rout continued, the benchmark BSE Sensex on Tuesday saw some late recovery to close 561 points lower at 34,195 while the broader NSE Nifty closed at 10,498 losing 168 points.
The 30-share BSE index cracked below the 34,000-mark by plunging over 1,250 points in opening trade mainly due to sell-off in world markets. However, during the late trading session, the index managed to recover some of the lost ground.
Stock market bloodbath has wiped out a staggering Rs 9.6 lakh crore from investor wealth in three days with the rout continuing amid sell-off in world markets.
“The crash in the mother market – the Dow plunging by 2,200 points in two days has unnerved equity markets globally. The sell-off in the US has led to a global sell-off. Indian market is in tune with global markets in this downturn,” said VK Vijayakumar, Chief Investment Strategist, Geojit Financial Services.
Amidst rout in global equities today, gold soared to over 14-month high of Rs 31,600 per ten gram – gaining Rs 330 at the bullion market here, largely in sync with the overseas trend.
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Investors also turned cautious ahead of the Reserve Bank policy meet as they feel that repo rate might be increased amid inflation concerns.
Among sectoral sub-indices, IT stocks which were holding up in the last two sessions dragged the most with Nifty IT slumping almost 3 per cent. PSU bank and pharma indices also lost more than 2 per cent each.
Commenting on the markets’ poor show, Finance and Revenue Secretary Hasmukh Adhia said that he will discuss the issue of fall in local markets with Finance Minister Arun Jaitley. Adhia added that the local markets are mimicking global weakness, “but the government will look into what it can do”.
(With inputs from agencies)