Indian stock markets nosedived on Monday as they continued to fall for the fifth consecutive trading session; Sensex and Nifty were under the strong grip of bears.
The BSE barometer of the 30-share index settled at a 3-week low of 49,744 levels, down 1,145 points or 2.25 per cent. The Nifty50 index managed to end above the 14,650-mark at 14,676, down 306 points or 2 per cent.
Domestic equities rose sharply in the first two weeks of February thanks to solid corporate earnings and a well-received federal budget, but markets have pared some of those gains in recent sessions due to profit-taking.
World shares sank on Monday as expectations for faster economic growth and inflation battered bonds and boosted commodities, while rising real yields made equity valuations look more stretched in comparison.
MSCI’s All Country World Index, which tracks shares across 49 countries, was down 0.4 per cent after the start of European trade.
The pan-European STOXX 600 index was down 1 per cent, at its lowest in 10 days. Germany’s DAX, France’s CAC 40 and Spain’s IBEX 35 index fell 1 per cent each, Britain’s FTSE 100 lost 0.85 per cent and Italy’s FTSE MIB index fell 0.9%.
S&P 500 futures fell to their lowest since Feb. 4, down 1% on the day.
(With inputs from Reuters)
Source: Thanks WIONews.com