Bloodbath on Dalal Street; Sensex tanks 560 points, Bank Nifty below 30,000 levels
The BSE Sensex lost 560 points and closed at 38,337 while the Nifty 50-index crashed 177 points after closing at 11,419.
The stock market of India underwent heavy selloff pressure by the FIIs as the overseas institutional investors are still not happy with the budget surcharge being levied on the short-term gains in equity. The BSE Sensex lost 560 points and closed at 38,337 while the Nifty 50-index crashed 177 points after closing at 11,419. The Bank Nifty index nosedived 660 points and lost the psychological 30,000 levels and closed at 29,770 levels.
Speaking on the current market crash Prakash Pandey, Head of Research at Fairwealth Securities said, "This crash is due to the havy selloff by the FIIs who are still not happy with the budget surcharge being levied by the Finance Minister Nirmala Sitharaman. If the Modi 2.0 Government doesn't come forward and give some clarification voer the surcharge being levied, the we may continue to witness some more downsides when the market opens on Monday." He said that it's the local triggers that has caused such sellofff otherwise global cues are positive.
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Among Asian markets, the Japanese Nikkei 225 index soar near 2 per cent, South Korean Kospi surge 1.35 per cent, Hang Seng scaled 1.07 per cent while the Shanghai market added 0.79 per cent.