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Last Updated Wednesday May 23 2018 10:48 AM IST

Stocks retreat on global rout, Nifty ends below 10,500

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Stocks retreat on global rout, Nifty ends below 10,500

Mumbai: The BSE Sensex slumped over 407 points to end at one-month low of 34,005.76 and the Nifty ended below 10,500 mark due to widespread sell-off after global rout in stocks returned on worries about rising US interest rates.

Moreover, continuous outflows by foreign funds hit the trading sentiments.

The sell-off followed another battering on Wall Street, where the benchmark Dow suffered its second-heaviest daily points fall after key US Treasury bond yields spiked.

The BSE 30-share Sensex opening lower and later slipped below the 34,000-mark to hit a low of 33,849.65.

The index recovered briefly to 34,070.73 before dropping again to close lower by 407.40 points, or 1.18 per cent, at 34,005.76. This is the weakest closing since January 4 when it had closed at 33,969.64.

The index had recovered 330.45 points in the last session.

The NSE Nifty settled at 10,454.95, down 121.90 points, or 1.15 per cent. It moved between 10,398.20 and 10,480.20 in day trade.

On a weekly basis, the BSE Sensex recorded a steep fall of 1,060.99 points, or 3.02 per cent, while the broader Nifty lost 305.65 points, or 2.84 per cent.

Meanwhile, Sensex plunged 2,438.22 points, bringing the index down 6.69 per cent from the lifetime record of 36,443.98 reached on January 29. Nifty also retreated by 716.60 points, or 6.41 per cent from record peak of 11,171.55 hit on January 29.

Foreign portfolio investors (FPIs) offloaded shares worth Rs 2,297.09 crore, while domestic institutional investors (DIIs) purchased shares worth a net Rs 2,373.59 crore yesterday, provisional data showed.

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