Global cues pull down Sensex by 400 points

The Benchmark Indian indices BSE Sensex and Nifty50 both opened in red following the losses posted by the US and Asian markets.

Many reasons attribute to this fall. To begin with, the US Dow Jones Industrial Average fell 327 points, down 1.27 per cent on Thursday. In anticipation of higher oil prices and concerns over the souring Saudi-US relations following the death of a prominent Saudi Journalist. Asian markets also slipped owing to China reporting weakest economic growth since the global financial crisis. Sentiments also dampened after the Yuan touched its weakest level in almost two years. Chinese stocks fell 2.94 per cent, Japan's Nikkei shed 1.17 per cent, Hong Kong's Hang Seng down 0.26 per cent following overnight losses at Wall Street.

The BSE Sensex stocks were mostly trading in red with index heavy-weights Yes Bank and Reliance trading below 6 and 5 per cent, respectively. Barring the OMCs most Nifty50 stocks were trading in red of which Indian Bulls, Yes Bank and Reliance were dragging Nifty down.

Sectorwise barring FMCG, which remained flat, all others sectors were trading in negative. IT and Media fell the most, shedding more than 2.5 per cent each.

At 11:17 hours, the BSE Sensex was at 34,388.05 level, down 391.53 points or 1.13 per cent. And, on the other hand, Nifty50 was at 10,315.35, down 137 points or 1.33 per cent.