Sensex to witness major downfall counting to 713.53 points at the day end

NewsBharati    10-Dec-2018
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Mumbai, December 10: The stock market today at the closing hours witnessed the major downfall of around 713.53 point 2.02 per cent settling at 34959.72 while Nifty was 205.20 points or 1.90 per cent down finally settling at 10488.50 at the day end. The companies named Coal India, Maruti Suzuki, IOC and BPCL were the top gainers, while Kotak Mahindra Bank, Reliance Industries, and Indiabulls Housing lost the most of these stock falls.
 
The sensex kept on fluctuating since morning when the downfall counted to around 500 points. Later in the afternoon today the fluctuation raised to 650 and it finally argued at 713.53 points. Nifty however, ended the session below 10,500.
 
The probable reason for the major downfall can be noted to be the cut in production of Crude oil prices in the global markets decided by OPEC. Also the currency market collaborating the rupee fall to 71.41 against the dollar at its weakest level recorded the huge falls over the stock market. Since November 20, this has been the weakest level of rupee against a single dollar.
 

 
The exit polls on state assembly elections also kept markets on tenterhooks. The indication that the BJP risks losing control of Rajasthan to the Congress and faces a close fight in Madhya Pradesh and Chhattisgarh has had a drastic impact on the closing sensex figures. The results of the five state assembly elections are to be declared tomorrow at a go.
 
Asian pressures including Hang Seng (Hong Kong), Nikkei (Tokyo) and SSE composite (Shanghai) were trading in red today, tracking a sell-off on Wall Street fuelled by residual concerns about the China-US trade standoff. Hang Seng, Nikkei and Shanghai were down by up to 2 per cent in morning deals.
 
Moreover the Foreign investors (FIIs) dumped about Rs 400 crore from the domestic equity market in the past five trading sessions resulting in the weakness in global equities due to the arrest of Huawei CFO Meng Wanzhou.
 
It is notable to observe the underway fluctuations even after the polling consequences of the assembly elections are out tomorrow.