Weak global markets spark selloff on D-Street; Sensex tanks 554 points

NEW DELHI: After trading flat for most of the day, benchmark indices slumped on Tuesday after US Futures opened deep in the red. Weak global cues from elsewhere also dampened the market mood.

All sectors saw selling. Metals, realty and IT names were especially under pressure. Volatility also rose ahead of the press conference by the Finance Minister today.

The 30-share pack Sensex declined 554.05 points or 0.90 per cent to close at 60,754.86. Its broader peer NSE Nifty fell 195.05 points or 1.07 per cent to 18,113.05.

Investors were left poorer by Rs 3.71 lakh crore as the total market cap of BSE-listed firms, which reflects investor wealth, slipped to Rs 276.30 lakh crore.

“Surge in oil prices and FIIs turning net sellers also added volatility in the domestic market. Globally, markets witnessed selling pressure following a surge in US treasury yield amid rate hike worries while oil prices rose on supply tension owing to the drone attack on UAE,” Vinod Nair, Head of Research at Geojit Financial Services.

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