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Market down 484 points on China sell-off

The 30-share index dipped below the 28,000-mark at opening trade by diving 291.65 points or 1.04 per cent to 27,880.04.

By: ENS Economic Bureau | Mumbai |
July 9, 2015 12:00:58 am
bse, sensex, bse sensex, bombay stock exchange, bombay stock exchange sensex, fii, stock, stock exchange, bse news, mumbai rains, mumbai monsoon, rain, monsoon, mumbai news, india news The 30-share index dipped below the 28,000-mark at opening trade by diving 291.65 points or 1.04 per cent to 27,880.04.

Joining a global market sell-off, BSE Sensex plunged by 484 points as a meltdown in Chinese markets, a slump in commodities and questions over whether Europe could save Greece spooked investors across the world. The rupee also depreciated by 14 paise to close at a one-week low of 63.60 against the US currency on steady dollar demand from state-owned banks and importers.

The Sensex crashed 483.97 points, or 1.72 per cent, to settle at 27,687.72. The broader Nifty too lost 147.75 points, or 1.74 per cent, to end the day at 8,363.05. The broader NSE Nifty cracked below the crucial 8,400-mark by tumbling 147.75 points to end at 8,363.05.

Standard gold fell from Rs 26,105 per 10 grams to Rs 25,950 and pure gold from Rs 26,255 to Rs 26,100 in the bullion market.

Chinese stock markets tumbled again on Wednesday as a range of government measures aimed at preventing a further nose dive in share prices had no impact.

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The Shanghai Composite Index closed down 5.9 per cent while the Shenzhen Component Index fell to close down almost 3 per cent. Hong Kong dropped 8 per cent, and Japan’s Nikkei and stocks in Australia took heavy blows. The wave of global uncertainty also left traders wondering whether Federal Reserve meeting minutes due later, normally a market mover, would provide much value considering the real-time risks.

“Adding to Greece crisis, slowdown in China has now started haunting the markets world over. Selling pressure was witnessed across the board as a result all the sectoral indices closed in red. The same bias was reflecting on the market breadth front too,” said Jayant Manglik, President, Religare Securities. “Though we saw exceptional resilience in our domestic bourses in last two weeks amid global uncertainty, it seems that participants are now giving in to negative forces. Having said that, we still believe that local cues would dictate the trend ahead so participants should keep a close eye on upcoming earning season, monsoon and other macro-economic data,” he said.

China’s worries for once overshadowed Greece, which made a formal request for a 3-year loan deal from the euro zone rescue fund. The bloc’s leaders on Tuesday gave Athens has until the end of the week to come up with proposals for reforms in return for loans. Without the aid, Greece is likely to crash out of Europe’s single currency.

Analysts said the gloom is no longer confined to stocks. The yield on China’s benchmark government bonds rose sharply, while investors unloaded billions worth of dollar-denominated debt issued by Chinese companies. China’s currency, the yuan, fell to a four-month low in offshore markets, while a global selloff in commodities continued, with oil down in early Asian trading and metals such as copper trading close to six-year lows. The malaise in China stocks is spreading outward largely because Chinese policy makers have put their credibility at stake in a series of attempts to shore up the market that so far have borne little fruit.

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