Terrible Thursday Sensex crashes 1159 pts amid FO expiry investors lose Rs 482 lakh cr
Mumbai Oct 28 PTI Posting its biggest one-day rout in over six months the BSE Sensex nosedived 1159 points on Thursday as investors unwound long positions on expiry of monthly derivative contracts amid a string of lacklustre earnings and cautious sentiment overseas Banking FMCG and energy shares came under heavy selling pressure while midcap and smallcap counters also suffered hefty losses Sliding for the second straight session the 30-share BSE benchmark tanked 115863 points or 189 per cent to close at 5998470 This was its biggest drop since April 12 this year when it had plunged 1708 points Similarly the broader NSE Nifty plummeted 35370 points or 194 per cent to finish at 1785725 ITC was the top loser in the Sensex pack tumbling 554 per cent a day after reporting a lower-than-estimated 1009 per cent increase in consolidated net profit for the second quarter ICICI Bank Kotak Bank Axis Bank Titan SBI and HDFC Bank were among the other major laggards shedding as much as 439 per cent Only six Sensex counters managed to close in the green IndusInd Bank topped the gainers chart with a jump of 294 per cent after clocking a 73 per cent rise in Q2 net profit LT UltraTech Cement Asian Paints Maruti and Bajaj Finance were the other winners Investors lost Rs 482 lakh crore in Thursdays session with the market capitalisation of all BSE-listed companies standing at Rs 2604894980 crore In our view in addition to weak global cues unwinding of long positions especially in financials on FO expiry which had seen sharp rally in recent period were the prime reasons for sharp market correction today said Binod Modi Head – Strategy at Reliance Securities Vinod Nair Head of Research at Geojit Financial Services said Bears continued to dominate domestic indices tracking cues from weak Asian and European markets ahead of a policy update from the European Central Bank Globally investors are on the edge awaiting the US GDP data releasing later in the day along with the outcome of the Fed meeting scheduled for next week he added Sectorally barring capital goods all BSE sectoral indices notched up losses led by realty bankex power utilities and oil and gas Broader BSE midcap and smallcap indices tumbled up to 156 per cent World stocks remained range-bound as investors monitored corporate earnings ahead of key central bank meetings Elsewhere in Asia bourses in Shanghai Hong Kong Seoul and Tokyo ended with losses Stock exchanges in Europe were also trading in the red in mid-session deals Meanwhile international oil benchmark Brent crude slipped 111 per cent to USD 8294 per barrel The rupee gained 11 paise to close at 7492 against the US dollar as easing crude oil prices lent some support to the local currency Foreign institutional investors were net sellers in the capital market on Wednesday as they offloaded shares worth Rs 191336 crore as per exchange data PTI ANS ABM ABM
Mumbai Oct 28 PTI Posting its biggest one-day rout in over six months the BSE Sensex nosedived 1159 points on Thursday as investors unwound long positions on expiry of monthly derivative contracts amid a string of lacklustre earnings and cautious sentiment overseas Banking FMCG and energy shares came under heavy selling pressure while midcap and smallcap counters also suffered hefty losses Sliding for the second straight session the 30-share BSE benchmark tanked 115863 points or 189 per cent to close at 5998470 This was its biggest drop since April 12 this year when it had plunged 1708 points Similarly the broader NSE Nifty plummeted 35370 points or 194 per cent to finish at 1785725 ITC was the top loser in the Sensex pack tumbling 554 per cent a day after reporting a lower-than-estimated 1009 per cent increase in consolidated net profit for the second quarter ICICI Bank Kotak Bank Axis Bank Titan SBI and HDFC Bank were among the other major laggards shedding as much as 439 per cent Only six Sensex counters managed to close in the green IndusInd Bank topped the gainers chart with a jump of 294 per cent after clocking a 73 per cent rise in Q2 net profit LT UltraTech Cement Asian Paints Maruti and Bajaj Finance were the other winners Investors lost Rs 482 lakh crore in Thursdays session with the market capitalisation of all BSE-listed companies standing at Rs 2604894980 crore In our view in addition to weak global cues unwinding of long positions especially in financials on FO expiry which had seen sharp rally in recent period were the prime reasons for sharp market correction today said Binod Modi Head – Strategy at Reliance Securities Vinod Nair Head of Research at Geojit Financial Services said Bears continued to dominate domestic indices tracking cues from weak Asian and European markets ahead of a policy update from the European Central Bank Globally investors are on the edge awaiting the US GDP data releasing later in the day along with the outcome of the Fed meeting scheduled for next week he added Sectorally barring capital goods all BSE sectoral indices notched up losses led by realty bankex power utilities and oil and gas Broader BSE midcap and smallcap indices tumbled up to 156 per cent World stocks remained range-bound as investors monitored corporate earnings ahead of key central bank meetings Elsewhere in Asia bourses in Shanghai Hong Kong Seoul and Tokyo ended with losses Stock exchanges in Europe were also trading in the red in mid-session deals Meanwhile international oil benchmark Brent crude slipped 111 per cent to USD 8294 per barrel The rupee gained 11 paise to close at 7492 against the US dollar as easing crude oil prices lent some support to the local currency Foreign institutional investors were net sellers in the capital market on Wednesday as they offloaded shares worth Rs 191336 crore as per exchange data PTI ANS ABM ABM
