Indian market witnesses major slip: Sensex drops by 770 points, Nifty moves down by 225 points
Mumbai, Sept 3 (IBNS): The Indian market on Tuesday witnessed a massive slide as the Sensex moved down by 770 points or 2 per cent to settle at 36,563.
It was the worst performance witnessed by the market in the past several months.
On the other hand, NSE Nifty 50 index plunged down by 225 points or 2 per cent to close at 10,798.
This was the first working day in the market since the Indian government revealed its GDP or gross domestic product figure for the quarter that ended on June 30.
India's Gross Domestic Product (GDP) growth for the first quarter of the financial year 2019-20 dropped to touch a figure of five percent, government figures unveiled on Friday said.
It is a sharp drop of 0.8 per cent points in comparison to the quarter that ended in March.
"GDP at Constant (2011-12) Prices in Q1 of 2019-20 is estimated at `35.85 lakh crore, as against `34.14lakh crore in Q1 of 2018-19, showing a growth rate of 5.0 percent," read a government statement.
"Quarterly GVA at Basic Price at Constant (2011-12) Prices for Q1 of 2019-20 is estimated at `33.48 lakh crore, as against `31.90 lakh crore in Q1 of 2018-19, showing a growth rate of 4.9 percent over the corresponding quarter of previous year," it said.
Growth of India's eight core industries moved down to 2.1 percent in July, official data released on Monday said.
"The Eight Core Industries comprise 40.27 per cent of the weight of items included in the Index of Industrial Production (IIP). The combined Index of Eight Core Industries stood at 131.9 in July, 2019, which was 2.1 per cent higher as compared to the index of July, 2018," read a government statement.
"Its cumulative growth during April to July, 2019-20 was 3.0 per cent," it said.
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