Mumbai, Oct 3 (IANS) Sensex on Thursday closed nearly 200 points lower as global markets slid over announcements of tariffs on European goods by the US.
The Sensex fell 198.54 points to 38,106.87 and the Nifty settled lower by 46.80 points at 11,313.10 while private lender Yes Bank recovered most of its losses on October 1 after reassurance by its management.
“Weak global economic data and under performance in banking stocks bought uncertainties to investors. Shortfall in GST collection may impact the government’s ways and means to tackle the fiscal path, ” said Vinod Nair, Head Of Research at Geojit Financial Services.
It was the fourth consecutive session of loss for the Nifty ahead of the RBI Monetary Policy Committee meet on October 4. The weakness came on the back of weak global markets owing to which metal shares cracked significantly.
Nair further added that while bond yield declined in expectation of further interest rates cut by the RBI and government’s status quo on borrowing plan, benign oil prices and comfort level in CPI inflation will aid the RBI to keep the rate cycle towards south.