The Bombay Stock Exchange (BSE) building, left, looms over a no-entry street sign in Mumbai. (Photographer: Prashanth Vishwanathan/Bloomberg)

Sensex Wipes Out 2018 Gains On Global Market Selloff

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Closing Bell: Sensex Drops Over 750 Points On Global Market Selloff

Sensex erased its 2018 advance as the biggest stock sell-off since February rolled from the U.S. through Asia.

The S&P BSE Sensex fell 2.2 percent or 760 points to 34,001 and the NSE Nifty 50 Index dropped 2.2 percent or 225 points to 10,235.

Sensex wiped out all its 2018 gains as it fell 0.16 percent year-to-date.

Seventeen of 19 sector gauges compiled by BSE ended lower dragged by the S&P BSE Metal and S&P BSE IT Indices’ over 3 percent drop. On the flipside, S&P BSE Oil & Gas Index rose 2.8 percent after oil retailers jumped tracking drop in crude prices.

Mid- and small-cap shares also declined as the S&P BSE MidCap Index fell 2.3 percent and the S&P BSE SmallCap Index tumbled 1.4 percent.

Sensex Wipes Out 2018 Gains On Global Market Selloff

Infosys Drops Most In Over Three Months As Trading Volumes Spike

Shares of the country's second largest IT company fell as much as 5.3 percent, the most since July 5, to Rs 663.30 as trading volumes spiked.

Trading volume was 1.7 times its 20-day average and Infosys fell below its 100-day moving average placed at Rs 673.29, according to data compiled by Bloomberg.

Sensex Wipes Out 2018 Gains On Global Market Selloff

Bharti Airtel Struggles Amid Block Deal

  • Bharti Airtel has 63 lakh shares change hands in a block. Stock down 3.5 percent at Rs 285.

Buyers and sellers were not immediately known

Source: Bloomberg

Right Valuations Are Coming Back For Markets: Gautam Sinha Roy

In the ongoing correction expensive stocks have corrected and right valuations are coming back for the markets, Gautam Sinha Roy of Motilal Oswal Asset Management Company told BloombergQuint.

Key highlights of the conversation:

  • Surprised by pace of P/E correction of growth stocks
  • Large caps are still preferred choice
  • Continue to have reduced exposure in OMCs
  • Refining side of OMCs business is still exciting
  • Crude as commodity is highly cyclical commodity
  • P/E expectations should be low for OMC companies
  • Earnings will be weaker than Q1 for OMCs
  • Growth stocks have become more cheaper than value stocks
  • IT sector will have marginal tailwinds from currency depreciation
  • Banks with high CASA ratios have become a good bet
  • Near term growth expectations quite high from auto stocks

Sensex Drops 800 Points, Nifty Below 10,250; IT, Financials Among Worst Hit

After paring losses around 1:00 p.m. the Indian equity benchmarks again extended declines dragged by losses in IT, financial services and banking shares.

The Sensex fell 2 percent or 728 points to 34,030 and the NSE Nifty 50 Index dropped 2 percent or 220 points to 10,238.

All sector gauges compiled by the National Stock Exchange were trading lower dragged by the Nifty PSU Bank Index's over 5 percent drop. IT, Private Bank, Auto and Financial Services Indices also tumbled 2.5-3 percent each.

Top Five Sensex Losers

  • State Bank of India down 5.5 percent
  • Tata Steel down 5.2 percent
  • Infosys down 4.8 percent
  • Mahindra & Mahindra down 4.1 percent
  • Adani Ports down 3.7 percent