Sensex falls by over 310 points, Nifty loses 1.4% over demonetisation fears, Asian cues

Sensex is currently trading lower by 310 points, or 1.18%, to 25,841 while the Nifty 50 of the National Stock Exchange (NSE) falls 115 points, or 1.42%, to 7,959

Sensex fell below the psychologically important 26,000-level, plunging over 300 points, and Nifty crashed below the key 8,000-mark due to heavy selling pressure amid mixed Asian cues. Barring IT and Teck, sell-off was seen in most of the sectors led by realty, financials, banks, auto, industrials, basic materials, capital goods, consumer durables, FMCG, metal, power, utilities and healthcare. Uncertainty reverted at stock momentum on sustained capital outflows in the midst of US interest rate hike worries and cash crunch over government demonetisation drive to curb black money hovered the sentiment.

“We believe currency demonetisation to continue putting its impact in the market emotion and consequently driving the sentiments. Moreover, there is not much of economic event due this week so it’s all demonetisation news to play the role,” said Abnish Kumar Sudhanshu, director & research head, Amrapali Aadya Trading & Investments.

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