Sensex Closes 378 Points Lower; Dena Bank Tumbles 20% Post Merger Deal

Indian share markets ended lower following a sell-off in Asian markets. At the closing bell, BSE Sensex ended down by 378 points, while, NSE Nifty ended down by 120 points.

All sectoral indices ended on a negative note with metal stocks, and energy stocks witnessing maximum selling pressure.

Among major movers, shares of Dena Bank and Vijaya Bank slumped, while Bank of Baroda shares jumped after BoB announced share swap ratio of their proposed merger.

Globally, Asian stock markets finished lower today with shares in Japan leading the region. The Nikkei 225 is down 0.3% while Hong Kong's Hang Seng is off 0.3% and China's Shanghai Composite is lower by 0.1%. European markets are lower today with shares in Germany off the most. The DAX is down 0.6% while France's CAC 40 is off 0.5% and London's FTSE 100 is lower by 0.1%.

Note that, Sensex closed the year at 36,068.

A year ago, on the last trading day of 2017, the Sensex had closed at 34,057.

That's a 6% gain for the Sensex in 2018.

For equities, that's not a good enough return. Your money could have done better parked in fixed deposits.

The Story of Sensex 2018

Most investors have seen their investments diminish in value during the year.

In fact, the total market value of all listed companies on the BSE declined 5% to Rs 144.1 trillion from Rs 151.7 trillion at the end of 2017.

In the news from the currencies space, Indian rupee weakened against US dollar today on account of strengthening of American currency amid sustained foreign fund outflows.

Further, fall in domestic equities also dragged down the domestic unit.

Though, falling crude oil prices capped rupee's losses. As per the reports, foreign funds pulled out Rs 6.2 billion from the capital markets on a net basis, while domestic institutional investors sold shares worth Rs 2.3 billion on Wednesday.

1 2
View single page >> |

Disclosure: Equitymaster Agora Research Private Limited (hereinafter referred as 'Equitymaster') is an independent equity research Company. Equitymaster is not an Investment Adviser. ...

How did you like this article? Let us know so we can better customize your reading experience. Users' ratings are only visible to themselves.


Leave a comment to automatically be entered into our contest to win a free Echo Show.