Markets go haywire; stocks, rupee, gold feel China heat

By: | Published: July 8, 2015 8:31 PM

Benchmark BSE Sensex today plunged 483.97 points, its biggest single-day fall in over a month, to end the day below the 28,000 mark at 27,687 on heavy selling.

market outlookMetal stocks bore the brunt after base metals led by copper fell to multi-year lows after the China rout, stoking fears that the sell-off may trigger a broader slowdown in the world’s biggest metal consumer.(Thinkstock)

Benchmark BSE Sensex today plunged 483.97 points, its biggest single-day fall in over a month, to end the day below the 28,000 mark at 27,687 on heavy selling.

The rupee lost ground, which closed at 63.60 against dollar, down 14 paise. Gold too lost some of its sheen.

Brokers attributed the sharp fall in financial markets to the sell-off in Asian bourses after a Chinese stock market rout rattled investors as the deadline looms for Greece to seal a deal with its international creditors.

The broader NSE Nifty cracked below the crucial 8,400-mark by tumbling 147.75 points to end at 8,363.05.

The 30-share BSE Sensex slipped below the 28,000-mark to settle at 27,687.72, a steep fall of 483.97 points, or 1.72 per cent, from its previous close.

This is the biggest single-session fall of the Sensex since a plunge of 661 points recorded over a month ago on June 2.

Metal stocks bore the brunt after base metals led by copper fell to multi-year lows after the China rout, stoking fears that the sell-off may trigger a broader slowdown in the world’s biggest metal consumer.

In the metal segment, Vedanta, Hindalco and Tata Steel came under heavy selling.

China mainland index Shanghai Composite plunged 5.90 per cent after losing more than 8 per cent at one point. The losses came despite additional measures announced by the government to shore up the tumbling market, which has wiped off a significant amount of investors’ wealth.

Similarly, Japan’s Nikkei fell 3.14 per cent and Hong Kong’s Hang Seng 5.84 per cent, its biggest one-day drop since October 2008.

Brent crude for August fell 13 cents to USD 56.72 per barrel.

Gold prices too declined to an over three-month low, plunging Rs 330 to Rs 26,170 per 10 grams in the national capital. A firming dollar only reduced its appeal.

Similarly, in Kolkata, gold dropped Rs 220 to Rs 26,310 per 10 grams while in Chennai, it lost Rs 200 at Rs 26,290 per 10 grams.

Globally, the bullion fell 0.7 per cent to USD 1,147.36 an ounce in London.

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