Sensex dives 510 points on political concerns; extends losses for 4th day

Mumbai: The BSE Sensex on Friday dived almost 510 points -- its biggest single day fall since February 6 --- due to a major sell-off amid political concerns after the Telugu Desam Party (TDP) decided to quit the NDA and moved a no-confidence notice against the government.

Other Asian markets were also in the negative zone as investors fret over the prospect of a global trade war, accelerating selling pressure on the domestic bourses, brokers said.

For the third straight week, the flagship Sensex recorded a fall of 131.14 points, or 0.39 per cent, while the NSE Nifty lost 31.70 points, or 0.30 per cent.

Sentiment suffered a setback following fresh development on the political front after a key NDA ally, TDP, decided to quit the alliance and moved a no-confidence motion notice against the government, accelerating the selling pace by participants, brokers said.

The Lok Sabha could not take up notices for no-confidence motion against the NDA government with Speaker Sumitra Mahajan saying there was no order in the House and adjourned the proceedings for the day

The 30-share Sensex tumbled by 509.54 points or 1.51 per cent, its biggest single day fall since February 6 when it had lost 561.22 points, to end at 33,176.

Intra-day, it shuttled between 33,119.92 and 33,691.32 as metal, oil and gas, PSU, power, auto and banking stocks recorded widespread losses.

The flagship index had lost 232.40 points in the previous three sessions. The broader NSE Nifty dipped below the 10,200-mark to hit a low of 10,180.25 before ending at 10,195.15, down by 165 points, or 1.59 per cent.