Sensex drops nearly 200 points as HDFC Bank, RIL, ICICI Bank tumble; Fortis Healthcare tanks 10%

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Updated: March 28, 2018 9:37:33 AM

Indian stock markets started weaker on Wednesday following the global pessimism triggered by the sharp declines on Wall Street with Dow Jones Industrial Average cracking as much as 345 points and Nasdaq Composite index sliding near to 7,000-level again.

The benchmark Sensex lost as many as 168.83 points to hit a day?s low of 33,005.56. (Image: Reuters)

Indian stock markets started weaker on Wednesday following the global pessimism triggered by the sharp declines on Wall Street with Dow Jones Industrial Average cracking as much as 345 points and Nasdaq Composite index sliding near to 7,000-level again. A market-wide sell-off was observed in the domestic equities with PSU banks and metal stocks leading the losses in the tightened volatility. In the meantime, almost all Asian shares dropped in the early dealings on Wall Street plunge with Japan’s Nikkei index shedding more than 2%. The whole Asian markets have been grabbed by the negative global cues on the concerns of stiff controls on the technology industry following the Facebook-Cambridge Analytica scandal.

The heavyweight shares of companies such as HDFC Bank, Reliance Industries, ICICI Bank, Infosys, State Bank of India and Tata Steel knocked down the key equity indices in red. The benchmark Sensex lost as many as 197.56 points to hit a day’s low of 32,976.83 whereas NSE Nifty tumbled 59.4 points to mark the day’s low of 10,124.75 on Wednesday. Shares of Fortis Healthcare crumbled 10% after the hospital chain said its board has approved demerger of its hospitals business, which will be acquired by Manipal Hospitals and TPG Capital. The stock of Fortis Healthcare dropped as much as 9.97% to a day’s bottom of Rs 128.25 on BSE.

BSE Sensex started the day at 33,098.09, down by 76.3 points or 0.23% whereas NSE Nifty began at 10,143.6 down by 40.55 points or 0.4%.

Wall Street closed sharply lower Tuesday, with each of the major U.S. indexes suffering their fourth decline in five sessions, fueled by a selloff in the tech sector, Reuters said in a report. Tech stocks, among the best performing sectors of the bull market, have been under pressure recently as concerns about government regulation stemming from their strong growth and privacy questions surrounding Facebook, Reuters added. The Dow Jones Industrial Average fell 344.89 points, or 1.43 percent, to 23,857.71, the S&P 500 lost 45.93 points, or 1.73 percent, to 2,612.62 and the Nasdaq Composite dropped 211.74 points, or 2.93 percent, to 7,008.81.

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