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Sensex dives over 350 points; Nifty below 10,700

NEW DELHI: Markets on Thursday opened lower with the benchmark BSE Sensex diving over 300 points amid weak global cues. Soon after, the 30-share BSE index plunged 354 points or 0.99 per cent to 35,530, while the broader NSE Nifty lost 122 points or 1.13 per cent at 10,661.

Vedanta, Bharti Airtel, Yes Bank, Maruti and Tata Steel were among the major losers on the BSE platform, sliding as much as 3.15 per cent. On NSE, all the sub-indices were in red with Nifty Metal losing the most, down as much as 2.26 per cent.

Domestic investor sentiment remained weak after the Reserve Bank of India (RBI) on Wednesday expectedly kept interest rates unchanged.

“From a market stand point, the expectation of a more accommodative view from RBI, in line with similar view on the US Fed rate trajectory was a disappointment, which explains the post announcement volatility,” said Dhananjay Sinha, head of research, economist and strategist, Emkay Global Financial Services.

Asian shares tumbled after Canadian authorities arrested a top executive of Chinese tech giant Huawei for extradition to the United States, feeding fears of a fresh flare-up in tensions between the two superpowers.

Meng Wanzhou, who is one of the vice chairs on the company’s board and the daughter of company founder Ren Zhengfei, was arrested on December 1 and a court hearing has been set for Friday, a Canadian Justice Department spokesman said.

Global investor sentiment also turned weak following uncertainty over negotiations between the US and China on their trade dispute.

Meanwhile, the rupee depreciated by 54 paise and hit the 71 per dollar mark in early trade amid strengthening American currency and weak opening in the domestic equity market.

(With inputs from agencies)

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