Fears of imminent rate increase starting with China sparked
massive sell-off across Asian stock markets today. Early morning, reports about Bank of China increasing rates to contain inflation provoked selling on the Shanghai Stock Exchange. Panic soon gripped other Asian bourses. Selling was more furious in Tokyo, Hong Kong and Dalal Street. The benchmark 30-share Sensitive Index of the Bombay Stock Exchange plunged below 20,000 level which some analysts tend to explain away as overdue correction. The Sensex ended with a huge loss of 444.55 points or 2.19 per cent at 19,865.14. Selling was more pronounced in the broader market that is on the National Stock Exchange. The CNX Nifty declined by 132.90 points or down 2.17 per cent to close at 5,988.70. The Nifty also declined under 6,000 mark. On the NSE 1,197 shares declined and 169 advanced. In Sensex 10 advanced, 19 were down and one static. The markets posted the biggest volume in recent times at over Rs 2.13 lakh crore consisiting of Nifty F&O and BSE, NSE cash segments. China remained the epicentre of Tuesday's tremors. The government there, it was reported, is to soon announce steps to curb inflation by increasing bank rates. - source: The Statesman (India)
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