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Recession fears hit equities; Sensex sinks 1,093 pts, Nifty down 4%

News Agencies

Mumbai, Sept 16: Mumbai’s Dalal Street on Friday saw a selling spree as recession fears hammered global equities. Key indices crumbled under heavy selling pressure today with banks (especially in the public sector), auto, IT, metal, and realty stocks plunging the most on the bourses. Their respective indices on the National Stock Exchange (NSE) declined around 2-4 per cent.
At the headline level, the S&P BSE Sensex crashed 1,247 points intra-day before ending at 58,841, down 1,093 points or 1.82 per cent. The NSE Nifty50, too, sunk to a low of 17,505 before shutting shop at 17,530, down 346 points or 1.94 per cent.
The broader markets witnessed an equally brutal on-slaught with the Nifty MidCap 100 and SmallCap 100 falling in the range of 2.5 per cent to 3 per cent. Volatility index — India VIX — surged 8 per ent today to settle near 20-odd level.
Global cues
European markets were trading lower Friday as growth fears, expectations for further rate hikes and continued volatility in the energy market weighed on stocks. The pan-European Stoxx 600 fell 1 per cent, with all sectors in the red. The UK’s FTSE 100 was flat, Germany’s DAX down 1.7 per cent, and France’s CAC 40 fell 1.8 per cent.
Asia-Pacific shares fell on Friday as well, with Nikkei falling the most, down 1 per cent. On Wall Street, early indications suggested opening cuts of 1 per cent later today.

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