Rs 11 Lakh Crore Wiped Off As Sensex, Nifty Fall Most In A Decade
Closing Bell: Nifty, Sensex See Biggest Ever Points Drop
Indian markets saw a sharp correction in Thursday's trading session. Volatility also spiked on account of the weekly options expiry. The S&P BSE Sensex Index ended 8.18 percent lower at 32,778. This was its lowest closing level since March 23, 2018. 16 out of the 30 constituents of the index ended at a 52-week low.
The NSE Nifty 50 index fell 8.3 percent to close at 9,590. These levels on a closing basis were last seen in June 30, 2017. All 50 constituents ended with cuts while 27 of them ended at a 52-week low.
All sectoral indices at a 52-week low with the PSU Banking index being the top laggard, ending with cuts of over 12 percent and at an all-time low.
Market breadth was in favour of the declines. 1,489 stocks on the NSE ended with losses while only 94 saw gains at the close of trade.
All the 11 sectoral gauges compiled by the NSE ended lower, led by the NSE Nifty PSU Bank Index’s 12.5 percent fall.
BloombergQuint Market Wrap
Buzz In The Dealing Rooms
These are the stocks that are abuzz in the dealing room chatter:
- UPL: Concerns over the global business. The stock is down 13.5 percent, headed for its biggest one-day fall since October 2008.
- IndusInd Bank: Concerns over promoter pledge. The stock is down 7.1 percent, headed for its lowest closing level since January 2015.
- L&T: Concerns over falling crude prices & middle-eastern business. The stock is down 9.1 percent, headed for its worst one-day drop since October 2008 and lowest closing level since March 2017.
Markets At 3 PM
- Nifty down 8.9 percent to 9,533 after falling to an intra-day low of 9,508
- Sensex falls over 3,000 points to an intra-day low of 32,493
- Nifty Bank falls over 10 percent, the most in eight years to 23,536
- All sectoral indices trade at a 52-week low
- India Volatility Index crosses 40; highest since August 2009
Global Market Update
- European Benchmarks - CAC, DAX & FTSE fall over 6 percent each
- Futures of Both Dow Jones & S&P 500 At A Lower Circuit
- Brent and NYMEX Crude oil prices are down over 5 percent each