Economy

Sensex cracks 350 points; Nifty ends below 10200

Sensex cracks 350 points; Nifty ends below 10200

It finally ended 351.56 points, or 1.05 per cent, down at 33019.07. The RBI is widely expected to keep its key rates on hold. This is its biggest single day gain since March 12 when it had rallied 610.80 points.

On similar lines, the NSE Nifty, after shuttling between 10,331.80 and 10,227.45, finished the day 196.75 points, or 1.94 points higher at 10,325.15.

Indian stock markets had rallied sharply on Thursday after the Reserve Bank cut its inflation forecast for the first half of this fiscal and also deferred until next year a new accounting standard for the country's banks that would have led to higher bad-loan provisioning requirements.

Closer home, benchmark indexes Sensex and the Nifty gave up early gains to end down more than 1 percent on Wednesday amid persisting worries about global trade war.

The BSE market breadth was bullish with 2,071 advances and 631 declines.

The benchmark Sensex of the Bombay Stock Exchange (BSE) shed almost 100 points in early hours of trade today on profit booking by participants, ignoring a firm trend at other Asian stocks.

Bank Nifty too rose 2.61% or 630 points to 24,759 level. "On the other hand, volatility in oil price and rising interest rates globally may influence central bank to remain on hold", said Vinod Nair, Head of Research, Geojit Financial Services.

SBI, Tata Steel, and ICICI Bank were the top Sensex gainers.

Elsewhere, Asian shares traded mixed; Japan's Nikkei fell 0.10 per cent while Hong Kong's Hang Seng gained 0.93 per cent. At 9.15am, the home currency was trading at 65.02 a dollar, up 0.19% from its Wednesday's close of 65.15.

China on Wednesday made a decision to impose additional tariffs of 25 per cent on 106 United States goods, including soybeans, autos, some types of aircraft and corn products, in retaliation against the U.S. move to target 1,300 Chinese exports for higher tariffs.