Sensex, Nifty May See Gap-down Opening Amid Global Selloff


It has been a Terrible Tuesday in the Indian markets. While the 30-share index tanked 1,200 points in opening trade, it was trading at 33,866.27, below 890.89 points (2.56%), at 09:30 am. Most of the Nifty indices were in the negative territory.Finance Secretary Hasmukh Adhia, however, said the sell-off in equity markets is due to a weak global sentiment and not because of long-term capital gains tax announced in the budget.

The 30-share BSE Sensex opened 1,237 points down at 33,519 while the 50-share Nifty opened 337 points lower at 10,329. Among other Asian markets Singapore was 2.3% off, Seoul dived 3%, Taipei lost 3.7%, Manila plunged 2.7% and Shan ghai gave up 2.1%.

At 10:18 am: The key equity indices seem to be continuing their free-fall with Sensex and Nifty again falling sharply.

The BSE Sensex rose by 200.95 points to close at an all-time high of 32,633.64 as investor optimism climbed following encouraging comments from the International Monetary Fund chief. Nifty too had lost more than 150 points. On Monday, the Indian currency closed flat at 64.07 against the United States currency amid sharp losses in local equities.

Investors also seemed cautious ahead of the RBI policy meet as they feel that repo rate might be increased amid inflation concerns, brokers said. Potentially higher bond yields also dampened sentiments in United States markets.

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Net profit for the quarter ended December 31 came in at Rs 1,199 crore versus Rs 937.7 crore in the same quarter a year earlier.

There was, however, only a slight improvement in the overall market breadth as around 480 stocks were in the green as against 2,230 declines.

The rupee depreciated by 16 paise to 64.22 against the U.S. dollar in early trade at the interbank forex market today owing to sharp losses in equity markets.

Foreign institutional investors sold equities worth Rs 1,263.57 crore in yesterday's trade, as per provisional data.

Elsewhere in Asia, Japan's Nikkei was down 5.4%, while China's Shanghai Composite Index shed 4.7%. Australian shares dropped 3.0 per cent to their lowest level since October while South Korean shares dropped 2.0 per cent.