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Sensex tanks 623 pts despite RIL's 10% surge
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SME Times News Bureau | 13 Aug, 2019
Indian markets on Tuesday
sharply declined in line with sell-off in global markets after massive
protests in Hong-Kong, heightened trade-tension between US and China and
weakening of the Indian Rupee.
Financial markets globally
reacted to the risk posed to Hong Kong's economy, home to global
multi-national companies, by the anti-government mass protests.
Besides, global crackdown due to political uncertainty in Argentina and Italy also impacted the market.
Even
the best-in-a-decade performance by Reliance Industries could not save
the day for Sensex which closed 623 points lower. The country's
second-largest company by market cap closed nearly 10 per cent higher on
the BSE after it announced several investor-friendly deals and plans in
its Annual General Meeting (AGM) on Monday.
Auto companies bled
on Tuesday after the monthly sales data by Society of Indian Automobile
Manufacturers (SIAM) showed continued stress on the industry.
The
passenger vehicle sales for the month of July declined by 31 per cent
while the sales of commercial vehicle -- a popular indicator of the
health of the economy -- slipped by 25 per cent.
TVS Motors,
Maruti Suzuki, Eitcher Motors, Mahindra and Mahindra, Bosch Limited,
Bharat Forge Limited and Motherson Sumi Systems fell in the range of 5
to 8 per cent.
The Sensex tanked by 623.75 points or 1.66 per
cent to 36,958.16 while the Nifty dropped by 183.80 points or 1.65 per
cent to 10,925.85.
"Indian markets have been tagging-along global
markets in palpable risk-off sentiment due to multiple challenges of
intensification of US-China trade war, sell-off in Argentina and Hong
Kong markets, said Jagannadham Thunuguntla of Centrum Broking Limited.
"Sell-off
is all pervasive across the sectors fuelled by less-than-inspiring
Indian corporate results and a weakening rupee," Thunuguntla added.
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| Customs Exchange Rates |
| Currency |
Import |
Export |
US Dollar
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66.20
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64.50 |
UK Pound
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87.50
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84.65 |
Euro
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78.25
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75.65 |
| Japanese
Yen |
58.85 |
56.85 |
| As on 13 Aug, 2022 |
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| Daily Poll |
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| PM Modi's recent US visit to redefine India-US bilateral relations |
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