The National Stock Exchange’s benchmark Nifty 50 index on Wednesday snapped its 14-day winning streak, the longest period of gains since its inception, thanks to weak global cues. NSE The Nifty 50 index fell as much as 196 points to hit an intraday low of 25,083.80 and the Sensex fell as much as 721.75 points.
The Sensex fell 203 points to close at 82,352.64 and the Nifty 50 index fell 81 points to close at 25,198.70.
A gauge of emerging market stocks hit three-week lows on Wednesday as shares sold off amid growing concerns about global growth, with chip stocks taking the brunt following a sharp drop in U.S. firm Nvidia in the latest session.
MSCI’s index of emerging market stocks fell 1.6 percent, hitting its lowest level since Aug. 15, while a gauge of currencies was flat.
Stocks in South Korea and Taiwan, home to its flagship products, fell 3.2 percent and 4.5 percent respectively, following a more than 9 percent drop in artificial intelligence powerhouse Nvidia overnight, the deepest single-day drop in the market value of a U.S. company.
US stocks fell in the previous session as sentiment remained weak after data from the Institute for Supply Management showed the US manufacturing sector remained subdued despite a modest improvement in August from an eight-month low in July.
(With contributions from Reuters)
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