Sensex Gains 400 pts At Open, Nifty Above 17,400; Key Points

Market Crash: Selloff intensified as domestic equity markets extended slump in Friday’s intra-day trade amid weak global cues. Key indices crumbled under heavy selling pressure today with banks (especially in the public sector), auto, IT, metal, and realty stocks plunging the most on the bourses. Their respective indices on the National Stock Exchange (NSE) declined around 2-4 per cent.

At the headline level, the S&P BSE Sensex crashed 1,247 points intra-day before ending at 58,841, down 1,093 points or 1.82 per cent. The NSE Nifty50, too, sunk to a low of 17,505 before shutting shop at 17,551, down 326 points or 1.82 per cent.

The broader markets witnessed an equally brutal on-slaught with the Nifty MidCap 100 and SmallCap 100 falling in the range of 2.5 per cent to 3 per cent. Volatility index — India VIX — surged 8 per ent today to settle near 20-odd level

Global Cues

Weakness in the global markets pushed the Indian benchmark indices lower. Asian peers including Nikkei, Kospi and Hang Seng were trading with big cuts, following a weak trading session in the US stocks overnight.

Deepak Jasani, Head of Retail Research, HDFC Securities, said: “Asian stocks headed for a fifth week of declines following more weakness in US equities and as investors braced for a US rate hike next week amid growing concerns of a global recession following warnings from the World Bank and the International Monetary Fund.”

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By jaghit

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