Sensex takes 267-point hit, Nifty slips from record high

May 05, 2017 04:49 pm | Updated 05:38 pm IST - Mumbai

Equities sank the most in six weeks as the Sensex crashed 267 points to close below 30,000 while the Nifty retreated from a life high amid a lower opening in Europe ahead of key US jobs data and slide in crude prices.

The 30-share Sensex hit a low of 29,823.60 before settling at 29,858.80, down 267.41 points, or 0.89 per cent, its biggest single day fall since March 22 when it had lost 317.77 points.

The index had risen by 231.41 points in the previous session, buoyed by reforms steps in the banking and infra space.

The 50-issue NSE, which surpassed its previous record of 9,367.15 (intra-day), reached on April 27, to scale a new high of 9,377.10 (intra-day), ended down 74.60 points, or 0.80 per cent at 9,285.30, mainly due to profit booking.

On a weekly basis, both the indices — the Sensex and the Nifty — fell by 59.60 points, or 0.19 per cent, and 18.75 points, or 0.20 per cent, during the first week of May.

Meanwhile, President Pranab Mukherjee has promulgated an ordinance authorising the Reserve Bank to issue directives to banks to initiate insolvency resolution process in the case of loan default. This will provide a big boost to the government’s efforts to tackle mounting bad loans.

The ordinance has been issued in light of the urgency to deal with the toxic loans that have crossed the ₹6 lakh crore mark.

Sentiment soured largely in tune with a weak trend in global markets following a drop in crude prices and fresh fall in commodities, including base metals, raising concerns about the health of the economy, traders said.

0 / 0
Sign in to unlock member-only benefits!
  • Access 10 free stories every month
  • Save stories to read later
  • Access to comment on every story
  • Sign-up/manage your newsletter subscriptions with a single click
  • Get notified by email for early access to discounts & offers on our products
Sign in

Comments

Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.

We have migrated to a new commenting platform. If you are already a registered user of The Hindu and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.