Don’t miss the latest developments in business and finance.

Indian markets hit Chinese wall; Sensex hits 52-week low

At 3:20 pm, the S&P BSE Sensex was down 571 points at 24,835 and the Nifty50 was down 182 points at 7,559

Markets extend losses; Sensex slips below 25,000, Nifty heading towards 7,600
SI Reporter Mumbai
Last Updated : Jan 07 2016 | 3:37 PM IST
Markets continue to bleed in the late trades after the accelerated devaluation of Chinese Yuan spooked the world stock markets on account of the fluctuations in the Chinese currency.

On WednesdayThe People’s Bank of China (PBOC) set the yuan’s daily reference rate at the lowest level since April 2011. The currency dropped by 1.3% in Hong Kong’s freely traded market

At 3:20 pm, the S&P BSE Sensex was down 571 points at 24,835 and the Nifty50 was down 182 points at 7,559. 

All 30 stocks in the Sensex pack are trading lower with BHEL and Tata Steel leading the fall with a drop of 6% each.
________________________
(updated at 1:10PM) 

The bloodbath on Dalal Street continues in the post noon trade as the accelerated devaluation of Chinese Yuan has spooked the world stock markets as investors worry that it may trigger competitive currency devaluation.

At 1:10 pm, the S&P BSE Sensex was down 445 points at 24,960 and the Nifty50 was down 143 points at 7,597.

The trading on China’s equity markets was suspended today after Shanghai Composite cracked nearly 8%. This is the second time in three days that the trading was halted.

To rub salt into wounds, the World Bank has lowered its global economic growth forecast for 2016 to 2.9% against its June forecast of 3.3% growth because of sluggish performance from major emerging market economies.

In commodities, crude oil prices resumed their decline on the back of supply glut and concerns of weakening demand from China.   Brent crude fell to 11 year low as it closed below $35/barrel yesterday.

Following the crash in Chinese markets and the concerns of a slowdown in world’s second largest economy, Tata Motors tumbled 5.5% on the Sensex.

Out of 30 stocks from the Sensex pack, 29 stocks are trading in red. Other notable losers, Axis Bank, ONGC, Maruti Suzuki, SBI, all cracking between 3-5% each.
-----------------------------------------
(updated 12:15pm)

Benchmark indices have slipped around 1.5% weighed down by index heavyweight shares like Tata Motors, ITC, ICICI Bank and Maruti Suzuki.


At 12:15 pm, the S&P BSE Sensex was down 495 points at 24,915 and the Nifty50 was down 153 points at 7,587.

The broader markets are underperforming the benchmark indices- BSE Midcap and Smallcap indices are down nearly 2%.

Besides, the World Bank lowered its global economic growth forecast for 2016 to 2.9% against its June forecast of 3.3% growth because of sluggish performance from major emerging market economies.

Shares of State Bank of India (SBI), Axis Bank, ICICI Bank, Larsen & Toubro (L&T) and Bharat Heavy Electricals Limited (BHEL) are among five Sensex stocks to hit their respective 52-week lows on the Bombay Stock Exchange (BSE).


**********************************
Updated at 11 am

Benchmark share indices have come off their day's low after index heavyweight Reliance Industries trimmed some of its early losses.

At 10:59 am, the S&P BSE Sensex was down 348 points at 25,058 and the Nifty50 was down 111 points at 7,630.

Reliance Industries which was down over 1.6% in early deals was now down 0.8%.

Auto stocks were among the top losers along with  ITC and ICICI Bank among others.

*************************************
Updated at 10:30 am

Markets extended losses after the first hour of trade after China's regulators halted trading for the day following a sharp plunge in Chinese shares. Further, reports that the World Bank lowered its global economic growth outlook also dampened sentiment.

At 10:30am, the S&P BSE Sensex was down 409 points at 24,996 and the Nifty50 was down 126 points at 7,615.

The World Bank lowered its global economic growth forecast for 2016 to 2.9% against its June forecast of 3.3% growth because of sluggish performance from major emerging market economies.

GLOBAL MARKETS

Asian markets were trading sharply lower on Thursday amid a sell-off in Chinese shares with the Shanghai Composite down 7.9% and CSI 300 down over 7%. Trading was halted on the stock exchanges for the day after the benchmarks hit their circuit limit. Meanwhile, shares in Japan and Hong Kong came off their day's low. Nikkei was down 2%, Hang Seng eased

Further, with a view to bring about stability in the market, China's securities regulators issued in

SECTORS & STOCKS

All sectoral indices on the BSE were in the red with Metal index emerging as the top loser down nearly 2% followed by Auto and Capital Goods indices among others.

Shares of State Bank of India (SBI), Axis Bank, ICICI Bank, Larsen & Toubro (L&T) and Bharat Heavy Electricals Limited (BHEL) are among five Sensex stocks to hit their respective 52-week lows on the Bombay Stock Exchange (BSE) after the benchmark index dropped more than 1% today.

Tata Motors was down nearly 4% on concerns that the growth slowdown in China may impact JLR sales.

Among other auto shares, Maruti Suzuki was down nearly 4% while M&M eased 3.6%. Two-wheeler majors Bajaj Auto and Hero MotoCorp were trading with marginal losses.

Reliance Industries was down 1.5% on profit taking after recent gains.

Metal stocks slumped after the devaluation of yuan would lead to exports becoming costlier. Hindalco, Jindal Steel, SAIL and Tata Steel were down nearly 3% each.

More From This Section

First Published: Jan 07 2016 | 3:20 PM IST

Next Story