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Sensex closes down nearly 600 points on weak GDP, factory output data

Weaker-than-estimated GDP data and manufacturing PMI weighed on markets today, amid persisting worries about a slowdown in China and a sell-off in the global markets.

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Benchmark BSE Sensex shed 586.65 points in Tuesday's trade, weighed down by weak macroeconomic factors from within the country, and growing concerns over the health of the global economy amid China's slowdown and a global sell-off in international markets. 

The Sensex fell 586.65 points to 25,696.44, while the Nifty fell 185 points to 7785.85 points.
 
At 1511 hours, Sensex was at 25,691, down 591.45 or 2.25% lower from the day's low. 
 
Bank stocks were the worst hit intraday, with the S&P Bankex at 18,832.62, down 804.53 points, while the bank Nifty was at 16,505.65, down 640.90 points or 3.74%.
 
The country's largest lender State Bank of India was trading at Rs 239.30, down Rs 7.80 or 3.16%.
 
Bank of Baroda was at Rs 172.20 a share, down Rs 12.45 or 6.74%. ICICI Bank lost Rs 7.80 or 2.80% and was trading at Rs 270.30 intraday.
 
GDP numbers for India released on Monday indicated that although the economy was growing, it was lesser than what was expected. GDP in the April-June quarter grew by 7%, as against earlier estimates of 7.5% growth. 
 
On Tuesday Nikkei's manufacturing PMI for August stood at 52.3 vs 52.7 in July. Manufacturing activity too, while still in the expansion category, grew slower than expected, on the back of slower offtake in new orders and lesser growth in final output. However, input costs have dropped to a six-month low, leading to greater buying of inventories. 
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