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Sensex drops 134 points, Nifty below 10,950 mark

ANI | Updated: Jan 22, 2019 16:25 IST

New Delhi, Jan 22 (ANI) Equity benchmarks ended their five-day march on Tuesday as the Nifty finished below 10,950 while Sensex ended 134 points lower as concerns loomed large over the global economic growth.
Asian shares were down as the International Monetary Fund (IMF) cut its world economic growth forecasts for 2019 and 2020 due to weakness in Europe and some emerging markets and said failure to resolve trade tensions could further destabilise a slowing global economy.
However, India's economy is expected to further build its lead as the world’s fastest-growing major economy as it picks up pace next year.
The Sensex was down 134.32 points at 36444.64 while Nifty was down 39.10 points at 10922.80.
Among the top gainers on NSE were Sun Pharma, Kotak Mahindra Bank, GAIL, BPCL and HPCL. Among the losers were Vedanta, JSW Steel, Hindalco, Tata Steel and M&M.
The index was under pressure after China, the world’s biggest base metals consumer, reported disappointing growth data. According to the National Bureau of Statistics, Beijing’s fourth-quarter growth rate of 6.4 per cent year-on-year matched that of the first quarter of 2009.
That was the lowest growth rate since the Chinese government began publishing quarterly growth rates at the beginning of 1992.
Meanwhile, the IMF said India’s GDP is forecast to expand 7.5 per cent in FY20 and 7.7 per cent in FY21. China’s growth is seen at 6.2 per cent in both years. (ANI)