Sensex took a dive of 1159 points, investors lost Rs 482 lakh crore
On the last day of settlement of trades in the futures and options segment, the market came down as investors sold off a weak trend globally and muted financial results by companies.
Banks, daily-use companies and energy stocks were under heavy selling pressure. Midcaps and smallcaps (medium and small companies) also suffered heavy losses.
The market fell for the second day and the 30-share Sensex closed at 59,984.70 points with a dive of 1,158.63 points, or 1.89 per cent. This is the biggest drop since April 12 this year. The Sensex had lost 1,708 points on that day.
Similarly, the Nifty of the National Stock Exchange closed at 17,857.25, down 353.70 points, or 1.94 per cent.
ITC was the biggest loser among Sensex stocks, down 5.54 per cent. The stock came down as the company’s financial results released on Wednesday were not up to expectations. ITC’s net profit grew by 10.9 per cent in the second quarter of the current fiscal.
Besides, ICICI Bank, Kotak Bank, Axis Bank, SBI and HDFC Bank were the major losers. Of these, there was a decline of up to 4.39 percent.
On the other hand, IndusInd Bank, L&T, UltraTech Cement, Asian Paints, Maruti and Bajaj Finance were among the gainers.
Out of 30 Sensex stocks, only six stocks remained in profit.
Investors lost Rs 4.82 lakh crore due to the fall in the market on Thursday. The market capitalization of BSE listed companies stood at Rs 2,60,48,949.80 crore.
Vinod Modi, Head of Strategy, Reliance Securities, said, “Weak global trend coupled with selloff in financial stocks mainly on the last day of settlement in futures and options segment led the market down.”
Vinod Nair, Head of Research, Geojit Financial Services said, “The bears continue to dominate the market. The weak trend in Asian and European markets ahead of the European Central Bank’s monetary policy review also affected the domestic market.
“Investors globally are waiting for GDP (Gross Domestic Product) figures in the US. It will be released today. Apart from this, he is also awaiting the outcome of the Federal Reserve meeting which will come next week.
In other Asian markets, China’s Shanghai Composite Index, Hong Kong’s Hang Seng, South Korea’s Kospi and Japan’s Nikkei declined.
Europe’s major stock markets also saw a decline in afternoon trading.
Meanwhile, international oil benchmark Brent crude slipped 1.11 per cent to $82.94 a barrel.
The rupee edged higher by 11 paise at 74.92 against the US dollar.
Foreign institutional investors sold shares worth Rs 1,913.36 crore on Wednesday, according to stock market data.
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