Despite record GDP growth; Sensex plunges 333 points, rupee nosedives

Equity benchmark indices plunged on Monday despite an above expectation GDP growth of 8.2% for the first quarter of this financial year. The rupee too hit an all time low of 71.12 against the dollar in intra day trade, raising concerns on the macroeconomic front.

Weakening global cues, triggered by continuing trade war spats between the US and China, too impacted domestic market sentiment.

ALSO READ: 1st quarter GDP estimate touches 8.2%

Sensex soared over 289 points to hit a high of 38,934.35 in early trade boosted by GDP data and recovery in rupee but gave up its gains completely following late sell-off, which dragged it down to a low of 38,270.01 after data showed that manufacturing PMI has slowed in August.

ALSO READ: Petrol, diesel prices rise for the ninth consecutive day

The market breadth was tilted in favour of sellers. Ten out of 11 sectoral gauges compiled by NSE fell, led by NSE Nifty FMCG Index’s 2.4% decline. On the flipside, NSE Nifty Media Index was the top sectoral gainer, up 0.5%.

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