Bears were charged up all through the day and dragged the Indian markets to end today's session deep in red. A massive sell-off was seen across the board as investors pressed the panic button citing reasons like political instability and series of scams. Fears of foreign fund withdrawals in the absence of any positive trigger also led the Indian markets fall drastically.
The Sensex shed more than 500 points during the day. The Nifty closed below 5800 - another psychologically important level, which even tested 5750 level in an intraday trade. Several stocks locked at lower circuits, which pushed the BSE Midcap and Smallcap indices down by 4.48% & 5.92%, respectively.
Financial, metal, realty, telecom, oil & gas and auto companies' shares took heavy beating on the exchanges followed by Midcaps and Smallcaps as well. Broader indices saw big crack today, in fact more than benchmarks. In Midcap space, StanChart IDR, Amara Raja Batteries, Kirloskar Brothers, IRB Infrastructure and Den Networks gained between 0.5-2.5% while Glodyne Technoserve Developers, Sunteck Realty, Amtek Auto, Hindustan Oil Exploration, KS Oils and Gitanjali Gems crashed in the range of 12.5-20%.
The Sensex began the session 50 points higher at 19746 and soon hit the day's high of 19771 in initial trade. The index slipped from the day’s high and traded in the negative zone all through the morning session. The Sensex continued its southbound journey in the afternoon session owing to heavy selling across the board. In late trade, the Sensex hit the day’s low of 19161 as huge sell-off was witnessed especially in consumer durables and realty stocks.
At finishing line, the Sensex closed at 19242, down by 454 points and the Nifty shut 137 points lower, at 5767.
Bond & Rupee update: India’s 10-year bonds dropped for a second day before the central bank buys back Rs120 billion ($2.7 billion) of securities to ease a cash crunch in the banking system.
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