Sensex Drops 787 Points, Trades Below 37,000 For First Time In 5 Months

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The S&P BSE Sensex and NSE Nifty 50 indexes nosedived in Thursday’s session tracking weak global cues, after the US Federal Reserve rattled markets by signalling that its first rate cut in more than a decade was not the start of a lengthy easing cycle. The Sensex index plunged as much as 787 points to trade below the 37,000 mark for the first time since March 5, and the broader NSE Nifty 50 benchmark dropped below the important psychological level of 10,900. The selloff worsened the already soured investor sentiment, which took a hit after the government imposed higher taxes on the super rich including foreign investors, said analysts.

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