Business

Sensex settles 343 points lower over growth slowdown concerns

Agency | January 02, 2019 04:27 PM

Mumbai: The Indian equity market ended in the red on Wednesday in line with global indices on fears of a worldwide slowdown which was intensified after China reported a weak PMI manufacturing data.

Sector-wise, auto counters took a beating ending 2.80 percent lower a day after companies reported disappointing sales data.

The S&P BSE Sensex settled 363.05 points or 1 percent lower at 35,891.52 points after touching an intra-day high of 36,236.70 and a low of 35,734.01.

The NSE Nifty50 closed at 10,792.50 points, up 117.60 points or 1.08 percent.

The only silver lining in the otherwise dismal trading session was the gains made by export-oriented IT and TECK stocks. They inched up as the rupee weakened over 50 paise to 70 per dollar after closing at 69.45 on Tuesday.

The benchmark Brent Crude prices declined over half a percent to $53.19 per barrel.

According to analysts, the weakening in rupee was largely owing to fears of a global growth slowdown and multiple factors which have created a negative environment for investors globally.

Major markets across the globe had concluded the year 2018 with heavy losses. However Indian markets were among the best performers on account of rising in the pace of economic expansion and reduced inflation.

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