sensex today: Sensex plunges 760 pts, turns negative for 2018; Nifty ends below 10,250

Pick Your Language

Spread the love


NEW DELHI: Stock benchmark Sensex erased all gains of 2018 on Thursday, as the index plunged over 2 per cent, following selloff in global markets, which was triggered by significant losses in Wall Street in overnight trade.

The US stock market plummeted to its lowest level in over eight months. This engulfed Asia and Europe too. European stocks slumped to more than 18-month low in their early trade today.

A weakening rupee only soured the mood on Dalal Street as investors lost Rs 2.63 lakh crore in today’s session.

The BSE Sensex tanked 759.74 points, or 2.19 per cent to 34,001.15 while its NSE counterpart Nifty closed the day at 10,234.65, down 225.45 points, or 2.16 per cent.

Fall in IT and bank stocks were the major contributors to Sensex’s decline.

Only three stocks closed the day higher on Sensex — ONGC (2.86 per cent), YES Bank (2.54 per cent) and HUL (0.75 per cent).

In the 50-share index, 41 stocks shut shop in the red and the remaining nine closed higher.

On BSE only oil & gas and energy indices ended the day higher.

Why did the market crash?
– The selling in domestic markets was triggered by a global selloff, which began with Wall Street.

– The Wall Street plunged to eight-month low, European shares to 18-month lows and Asian shares too are wallowing near multi-year lows.

– Rising US bond yields are triggering capital outflows from EMs including India.

– The rupee touched its fresh record low of 74.48 in morning trade

– FIIs are fleeing Indian stocks and have sold shares worth of Rs 14,097 crore in just seven trading sessions in October.

How bad was the crash?
– Sensex erases all 2018 gains

– Rs 2.63 lakh crore investor wealth wiped off

– 2 out of every 3 BSE stocks in the red

– Nifty PSU Bank stocks fell over 5 per cent and all constituents ended lower

– All sectoral indices on Nifty ended the day in the red

What experts said:


VK Vijayakumar, Chief Investment Strategist, Geojit Financial Services
In India, though the Nifty has corrected by more than 10 per cent from the peak and the broader market has suffered deep cuts, even now valuations are not cheap. So investors need not rush in to buy. They should watch the situation, wait for the market to stabilise and then start investing in large cap blue chips in a calibrated manner. Investors should not panic and stop their SIPs.

Vinod Nair, Head of Research, Geojit Financial Services
Market fell to a six month low after the US market dragged down yesterday due to concerns over FED rate hike trajectory and trade tensions. However, INR gained due to falling oil prices and slide in domestic bond yield. Oil prices declined in expectation of increased production and if this trend continues, the rupee may find some stability.





Source link

    Newsfeed - Latest News Update Get Top Stories And Updates On WhatsApp
    *Only the best or breaking news stories of the day and it’s aim is to keep you update the most convenient way.
    Loading...