After a highly volatile session, swinging over 1300 points, the BSE Sensex showed an intra day recovery of 654 points and closed with a loss of 457 points. The Nifty closed down over 150 points.
The markets hit the 10% lower circuit today and trading had to be suspended for an hour. The markets showed some recovery when trading resumed.
The Sensex closed at 10482 down 457 points and the NSE Nifty closed at 3081 down 166 points.
The BSE Midcap closed at 4,955.34 down 6.4% and the Small Cap closed down 6.9% at 6,336.03.
According to experts the crash has occurred due to the vicious circle of margin call. The market breadth was negative, about 186 shares have advanced, 2082 shares declined, and 29 shares are unchanged.
BHEL, Wipro, Tata Power, L&T, GAIL , MTNL and Jet Airways are top losers on the indices.
All the BSE sectoral indices closed in red.
The consumer durables index was down 10% at 2,829.59. Stocks including Titan Industries, Whirlpool, Blue Star, Su-Raj Diamonds, BPL and Samtel Color witnessed heavy selling.
The metal index was down 7% at 8,089.02. Major losers were stocks like Hind Zinc, Guj NRE Coke, Jindal Stainless, SAIL, Sterlite Ind and Nalco.
The capital goods index slipped 5.84% to close at 7,332.67. Major losers were stocks like Alstom Projects, Aban LoydChiles, Siemens, HEG, Carborundum and Thermax
Oil and gas stocks including GAIL, MRPL, Petronet LNG, Kochi Refinery and ONGC ended in deep red. The oil & gas index plunged 5.8% to close at 5,073.65.
The auto index was down by 4.9% at 4,852.23. Stocks including Escorts, Hind Motors, Amtek Auto, Punj Tractors, Tata Motors and TVS Motor were among the losers.
Wipro, TCS, I-Flex Solution, Infosys, HCL Info and HCL Tech closed in deep red. The IT index was down 4.5% at 3,565.01
The pharma index tripped 3.3% at 3,395.28. Divis Labs, Matrix Lab, Orchid Chemical, Nicholas Pirama, Cadila Health and Sterling Bio witnessed heavy selling
The bankex lost 2.5% to close at 4,884.40. Allahabad Bank, Union Bank, Canara Bank, Bank of India, Oriental Bank, Kotak Mahindra and Andhra Bank were among the top losers.
Market Summary:
Sensex recovers 654 points, Nifty -196 points from day's low
Sensex hits 10% lower circuit; - closes down 3.5% at 10,540
Sensex Swings 1,315 Points;- Nifty swings 417.50 points
CNX Midcap Index, BSE small-cap-Index down over 6% each
BSE Metal Index down over 7%;-Hind Zinc down 20%
BSE Oil & Gas Index down nearly-6%; ONGC, RIL down nearly 5%
Each BSE Cap Goods, Auto, IT Indices-Down Over 4%
Each BSE Advance-Decline Ratio-At 1:15
Nifty Futures end at 72 point-discount from spot
The NSE cash turnover stood at Rs 9860.47 crore (Rs 98.60 billion). The NSE F&O turnover was Rs 30430.86 crore (Rs 304.30 billion).
The BSE cash turnover was Rs 3980.02 crore (Rs 39.80 billion). The total market turnover was Rs 44271.35 crore (Rs 442.71 billion).
According to the finance minister, retail investors should stay invested as there is ample liquidity and fundamentals of the economy are sound.
He further added the margin pressure was expected and the banks will give funds to meet margin calls.
The Sensex's Rise & Fall: Complete Coverage
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