Sensex Slumps on Carnage Across European Markets; Ends Below 26,000 pts

Business

oi-Sunil

By Sunil Fernandes

Updated: Thursday, October 16, 2014, 15:28 [IST]

The Sensex and the Nifty ended the day sharply lower as European markets came under relentless selling pressure with the Spanish IBEX 35 benchmark index losing a huge 4 per cent and the German DAX and the French CAC also witnessing huge cuts. Losses were led by fresh worries over Economic Growth around the world.

The Sensex ended the day lower by a huge 349 points, while the Nifty ended the day lower by 115 points. Leading the set of losers from the Nifty were metal stocks with Hindalco dropping six per cent, while Tata Steel and Sterlite also lost heavy ground.

DLF, which was hammered a huge 26 per cent in trade on Tuesday gained ground to end the day higher by 5 per cent. Other Nifty stocks that gained ground in trade were NMDC and ITC.

TCS ended the day lower ahead of its results to be declared later today. Federal Bank moved higher after the company reported a good set of quarterly numbers.

Mid cap stocks were hammered out of shape with GMR seeing a huge cut of 8 per cent, while other notable losers were Unitech and Voltas.

Shares in NIIT Tech fell sharply after its net profits declined. The stock ended the day 4 per cent lower. Strides Arcolabs also ended the day lower after the stock went ex dividend today.

Meanwhile, markets across Asia ended the day with huge losses after worries over global economic growth saw a sell-off across the board.

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