Indian stocks tank 723 points |
Indian stock markets witnessed a bloodbath on May 6 with the Bombay Stock Market Index, Sensex, falling by 723 points. This is the second biggest single day fall since the new government took over. There was huge sell-off by FIIs triggered by concerns that the Modi government reform process can be delayed and so will key Bills like GST that face major political opposition. Slowdown in the services and manufacturing sectors and persistent taxation worries added to the pressure. 30-share Sensex after opening a shade higher at 27,473.36 advanced to a high of 27,501.15. However, it succumbed to selling pressure and dipped below the 27,000-mark with blue-chip stocks ICICI Bank, ONGC, Cipla and ITC, among other plummeting. It touched a low of 26,677.64 before settling 722.77 points or 2.63 per cent lower at 26,717.37, the lowest in nearly 5 months.
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