MUMBAI, Oct 11: Indian equities joined a global sell-off, as investors fretted trade tension between the United States and China will subdue economic growth around the world.
"The sell-off was in sync with the slide in Asian markets after a sharp fall in the US equities on Wednesday. Rising US interest rates, and US-China trade tension will likely hurt corporate profits," Vinod Nair, Head of Research, Geojit Financial Services, told IANS.
International Monetary Fund head Christine Lagarde's comments that stock market valuations had been "extremely high", triggered the meltdown in the US markets, and spilled over to Asia on Thursday.
The equities rout and concerns that the US Federal Reserve would keep tightening its lending rates sparked capital outflows, pushing the rupee lower to its fresh low of 74.48 on Thursday.
The slide in the US and Asian markets damped risk-appetite, sending at one point the barometer index -- S&P BSE Sensex -- 1,000 points lower.
Heavy selling was witnessed in banking, IT, metals, auto and capital goods stocks. All 19 sector-based indices on the BSE, except the oil and gas index, traded in the red. - IANS