Tumbling start for stock exchanges as investors trade with caution. Sensex slides 354 points, Nifty settles at 11,584


Devdiscourse News Desk | Mumbai (Maharashtra) | Updated: 10-04-2019 17:38 IST | Created: 10-04-2019 16:24 IST
Tumbling start for stock exchanges as investors trade with caution. Sensex slides 354 points, Nifty settles at 11,584
Tumbling start for stock exchanges in India Image Credit: Devdiscourse
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Stock exchanges in India on Wednesday opened to a tumbling start as investors traded with caution. Sectoral indices except for auto, pharma, and realty closed in the red, with the banking and financial services bearing the brunt.

The BSE S&P Sensex closed at 354 points lower at 38,585 while the NSE Nifty 50 was down by 88 points at 11,584. Among the prominent losers were Bharti Airtel, Hindalco, Asian Paints, and Tata Consultancy Services. Those which gained included Tata Motors, Wipro, Adani Ports, and Hindustan Lever. The selling pressure was more pronounced during the last hours of trading with the dismal growth outlook for the global economy being cited as a factor.

Meanwhile in Asia shares were mixed after the International Monetary Fund on Tuesday reduced its global economic growth outlook by 0.2 percentage points to 3.3 per cent. The US-China trade war and the exit of Britain from the European Union could lead to further cuts to the forecast. Amidst this, tensions are looming as US President Donald Trump threatened to impose tariffs on 11 billion dollars worth of European Union products in a long-running dispute over aircraft subsidies, which can further worsen the current situation.

(With inputs from agencies.)

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