Sensex Slumps 200 Points On Weak Global Cues

Business

oi-Sunil

By Sunil Fernandes

Updated: Wednesday, May 18, 2016, 9:43 [IST]

Benchmark indices fell sharply in trade, as global cues remained weak, following a drop in the US markets overnight.

Worries that the US Federal Reserve may hike interest rates in June, saw US markets end with losses.

Back in Asia this led to losses, though the Japanese Nikkei, managed to gain on better than expected GDP data.

The Sensex was trading with losses of 209 points, dropping to 25,566 points, while the Nifty was down 60 points in trade.

Motherson Sumi, which had rallied almost 10 per cent on Tuesday, following a spectacular set of results, gave up gains and was trading lower.

Maruti was the top loser in trade from the Nifty, dropping more than 2 per cent. Other notable losers were Bhel and Hero Motor Corp.

Banking stocks were once again lower in trade with HDFC Bank and ICICI Bank falling as much as 1 per cent in trade.

PNB also dropped 1 per cent, ahead of its results to be declared later today. However, State Bank of India gained on reports that the bank is planning to sell its stake in the National Stock Exchange.

Syndicate Bank was down following a poor set of numbers reported by the Bank.

Meanwhile, markets across Asia were trading in the red as global cues continued to remain weak.

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