Sensex cracks 354 points on yuan devaluation, GST deadlock

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Mumbai: Markets ended lower, amid weak global cues, after the rupee slumped to nearly two-year lows in the wake of yuan devaluation while the ongoing protests in the Parliament by the opposition raised worries whether the GST Bill would be passed in the monsoon session that ends tomorrow. Meanwhile, traders also turned cautious ahead of release of key macroeconomic parameters, IIP and CPI later today.

The Sensex fell 354 points or 1.3% to close at 27,512 levels and the Nifty declined 113 points or 1.3% to close below the crucial level of 8,350 at 8,349. The broader markets underperformed their largecap peers. BSE Midcap and Smallcap indices lost 2.5% and 2% each. The market breath ended weak on the BSE with 2,147 declines versus 691 advances.

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China’s devaluation of its currency dented global markets. In Asia, Shanghai Composite, Nikkei, Hang Seng and Straits Times fell between 1-3%. Meanwhile, in the European market, FTSE, DAX and CAC 40 dropped between 1% – 2.7%. The rupee fell to a two-year low of 64.84 against the US dollar today following China's devaluation of the Yuan for a second time this week. Weakness in the local equities fuelled the decline.

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