Gujarat Exclusive > National-World > Sensex crashes by over 1900 points, finance, banking worst hit

Sensex crashes by over 1900 points, finance, banking worst hit


Sensex crashed by 1,939 points, a 3.8% drop to close at 49,099.99 on Friday amid selling pressure. Financial services and banking shares were the worst hit during the session with Nifty auto, PSU bank, realty, FMCG, IT, and media indexes falling by over 1.5%.

The fall was triggered by the sharp rise in bond yields and the growing tension between the US and Iran. The NSE Nifty Index fell 568 points at 14,529.15 as investors sold stocks across the board.

Concerns over inflation in the US resulting in rising bond yields send markets tumbling.

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The bond market expects the rise in inflation to push the US Federal Reserve to hike interest rates. This is likely to impact India adversely which will see foreign fund flow impacted.

The rise in crude oil prices is also a concern and the US-Iran tension also added to the worries.

India’s GDP data for the third quarter, which was not released when the markets fell, was not expected to be great adding to the volatility.

The benchmark 10-year bond in India also rose to 6.22%.



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