Sensex tanks over 500 points, Nifty nearly 4-week low amid concerns over global slowdown

Amid concerns over global slowdown, domestic stock indices succumbed to selling pressure today. By 2.50 pm, the Sensex and Nifty 50 were trading over 1 per cent lower. The Nifty50 breached the crucial 10,800 levels. The BSE Sensex was down 518 points or 1.48 percent at 36,022 while the Nifty 50 fell 162 points or 1.50 percent 10,678. Yes Bank, which witnessed a fall of 12 per cent, was the biggest Nifty loser. IndusInd Bank and ICICI Bank too fell 3 per cent each.

Earlier in the morning, Indian indices open flat today. The Sensex was down 91.55 points or 0.25% at 36472.33, and the Nifty was also down 33.30 points or 0.31% at 10807.40.

Asian shares, however, edged higher today, tracking some modest Wall Street gains after the US Federal Reserve cut interest rates as expected but offered mixed signals. MSCI's broadest index of Asia-Pacific shares outside Japan was 0.03%. Japan's Nikkei rose 0.46%, while Australian shares rose 0.23%.

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Notably, the US Federal Reserve on Wednesday lowered interest rates by 25 basis points amid growing risks and uncertainties stemming from trade tensions and a global economic slowdown. Notably, three of the 10 members of the committee voted against the quarter-point rate cut decision, highlighting growing split among monetary policymakers.