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24 Oct 2020, Edition - 1929, Saturday

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Business

Sensex crashes 2,600 points in six sessions: 10 things to know

https://www.businesstoday.in/

Corona Virus pandemic has halted the smart recovery logged by Indian markets as resurgence of cases in Europe has led to fears of fresh lockdowns. Uncertainty over US stimulus package and ensuing decline on Wall Street after a record rally too has made investors jittery across the globe. Extending losses for the sixth straight session, Sensex crashed 1102 points to 36,566 against previous close of 37,668. Nifty too slipped 291 points intra day to 10,840 against previous close of 11,131.

Here’s a look 10 things about the market crash which have kept investors nervous today.

Sensex has lost 2600 points in the last six sessions. On September 17, the index closed at 38,979. Similarly, Nifty has fallen 385 points till date from its close of 11,516 on September 27.

Investors on BSE have lost Rs 11.32 lakh crore in last six sessions. Market cap on BSE fell to Rs 148.76 lakh crore today against market cap of Rs 160.08 lakh crore on September 16.

The rupee also slumped to nearly one-month low of 73.96 against the US dollar today.

Gold, which is considered a safe-haven asset has also slipped this week. On MCX, gold prices are down Rs 2500 per 10 gram this week in line with the fall in equity markets.

“Expectations of domestic recovery and growth has reduced due to the fear of restrictions coming back and increasing virus cases,” said Vinod Nair, head of research at Geojit Financial.

Investors lost Rs 3.88 lakh crore today after compared to the market cap of Rs 152.71 lakh crore on September 23. Of 30 Sensex stocks , only HUL was trading in green with a gain of 0.48 %. Top Sensex losers were Bajaj Finance, IndusInd Bank and M&M.

Number of stocks hitting lower circuit on BSE rose to 370 compared to 149 which hit their upper circuits today.

Abhimanyu Sofat, Head of Research at IIFL Securities said, “It is possible that we may see more correction. Scotland and UK have said they are contemplating a lockdown. Fears that more economies may close down is creating more nervousness in the market. The revelations on global bank’s transactions also weighed heavily. All this is collective bothering the market, which is at is on the lookout for reasons to correct. Market had already raced ahead of its valuations.”

Market breadth was hugely negative with 553 stocks rising against 2,046 falling on BSE. Total 69 stocks hit their 52 week highs against
69 touching their 52 week lows.

Mid cap and small cap indices on BSE slipped over 300 points each in afternoon trade today. Banking and IT sectors were the top losers in trade today. Indices for both sectors lost over 800 points each on BSE today. All 19 sectoral indices were trading in the red.
Share Market News Live: Sensex slips 1,000 points, Nifty at 10,845; Asian Paints, L&T, RIL, top losers

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