Sensex tanks 470 pts on weak macro data

Mumbai, September 19

Equity benchmarks resumed their downward march on Thursday as tepid tax collection numbers fanned fears of a prolonged slowdown, prompting investors to unwind risky bets.

Hawkish commentary from the US Federal Reserve and incessant foreign fund outflows further weighed on sentiment, traders said.

After gyrating 626 points, the 30-share BSE Sensex ended 470.41 points, or 1.29%, lower at 36,093.47. Similarly, the broader NSE Nifty plunged 135.85 points, or 1.25%, to settle at 10,704.80. The previous closing low for Nifty was 10,604.35 on February 19, 2019.

The Centre’s direct tax mop-up is said to have grown just 4.7% till September 17, compared to a target of 17.5% budgeted for the full year, which analysts said reflects deepening slump in demand and overall growth.

Yes Bank was the biggest loser in the Sensex pack, plunging 15.52%, after a Moody’s report said Altico default may be credit negative for banks given their significant exposure to the real estate sector. — PTI