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Sensex crashes 1,546 points; worst day in two months
Benchmarks started the session on a weaker note and selling intensified during afternoon trading, with almost all sector indices ending in the red
On Monday, the domestic stock market recorded the biggest one-day decline in around two months, with the benchmark Sensex index tumbling nearly 1,546 points to below the 58,000 level due to panic selling. on the counters following weak global stocks.
The BSE Sensex started the session on a weak note and was further overwhelmed by panic selling as the trade progressed and fell over 2,050 points to hit the low of the day at 56 984. Recovering some lost ground towards the fag-end, the index eventually stabilized at 57,491.51 with a massive drop of 1,545.67 points or 2.62%.
Similarly, the NSE Nifty fell 468.05 points or 2.66% to settle at 17,149.10.
It was the biggest single-session drop for Sensex and Nifty since Nov. 26 last year and also the fifth consecutive losing session for the indices.
On the Sensex chart, Tata Steel was the biggest loser, losing around 6%, followed by Bajaj Finance, Wipro, Tech Mahindra, Titan, Reliance Industries and HCL Tech.
“Indian markets have come under significant pressure in recent days, correcting 7% from recent highs, after a smart pullback seen since mid-December. This is a pretty broad-based correction across all sectors and capitalizations. shares, although the more expensive names and recent IPOs of new age companies have seen a sharper reduction, said Milind Muchhala, chief executive of Julius Baer.
The weakness largely mimics the rot in global markets over the past two weeks, particularly in US markets, due to lingering concerns of lingering inflation and Fed action/rhetoric, he said. he adds.
Vinod Nair, head of research at Geojit Financial Services, said: “Selling off in global markets, weak third-quarter results and pre-budget jitters triggered a strong sell-off on domestic exchanges as risk sentiment took a hit before the FOMC meeting begins tomorrow.Investors eagerly await the outcome of the Fed’s two-day meeting in which the U.S. central bank is expected to provide more guidance on its rate hike plans, he added.
While all sectors have experienced tough weather, stocks of new-age tech companies have been hardest hit due to declining profitability growth amid high valuations, Nair said.
Elsewhere in Asia, stock exchanges in Hong Kong and Seoul ended with losses, while Tokyo and Shanghai were positive.
Equities in Europe witnessed intense selling pressure in mid-term trades.
Meanwhile, the international crude oil benchmark Brent rose 0.32% to $88.17 a barrel.
On the FX front, the Rupee weakened 17 paise to end at 74.60 against the US Dollar on Monday.
Foreign institutional investors (FIIs) remained net sellers in the capital market as they sold shares worth Rs 3,148.58 crore on Friday, according to stock market data.
Sources 2/ https://www.thehindu.com/business/markets/sensex-nosedives-1546-points-nifty-tanks-below-17200/article38318562.ece The mention sources can contact us to remove/changing this article |
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