Bloodbath at Dalal Street! Sensex tanks 1,114 points, Nifty at 10,805; TCS, Tata Steel shares bleed
Stock Market Closing Bell Today: On account of fears of lockdown getting imposed in some European Nation countries leading to closedown of more economies, the Indian indices went nervous and crashed to the tune of 3 per cent after the closing bell today.
Stock Market Closing Bell Today: On account of fears of lockdown getting imposed in some European Nation countries leading to closedown of more economies, the Indian indices went nervous and crashed to the tune of 3 per cent after the closing bell today. The BSE Sensex crashed 1114 points and closed at 36,553 levels while the NSE Nifty tanked 326 points after closing at 10,805 mark. Bank Nifty index nosedived 721 points and closed at 20,456 levels. All indices closed in the red zone.
Speaking on the r3eason for such nervousness in the Indian indices Abhimanyu Sofat, Head of Research at IIFL Securities said, "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. If we see markets weakening further, it could add more jitters. I see a strong support at 10,800 if market were to weaken from here. Cyclicals will be hammered further. People have stocked up on defensive stocks, and that pack which has stayed resilient, may also feel the heat. Stability in the global markets could be the only savior right now."
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Shares of Advanced Enzyme Tech, Apollo Hospitals, Take Solutions, Zydus Wellness, Tube Investments, Metropolis Healthcar and Alembic Pharmaceuticals were among the leading gainers after the closing bell today while shares of Indiabulls Housing Finance, Indiabulls Real Estate, Ashok Leyland, IndusInd Bank, IDFC, MphasiS, InterGlobe Aviation or IndiGo and Tata Motors were among the major losers in the intraday trade session.
IT stocks received maximum beating as the BSE IT index crashed to the tune of 4.45 per cent. IT major Tata Consultancy Services or TCS share price crashed 5.50 per cent, Wipro shares tanked 3.15 per cent, Infosys share went down 4.05 per cent, Tech Mahindra stock price nosedived 5.65 per cent, Ramco Systems stocks bleed 4.74 per cent while Sonata Software counter went southwaqrd 2.61 per cent after the closing bell today.
Metal stocks also witnessed heavy selloff after the nervousness gripped the Indian stock marekts. Metal major Steel Authority of India Ltd or SAIL and National Aluminium Company or NALCO share price crashed around 5.5 per cent, Tata Steel share nosedived 4.82 per cent, Hindalco Industries share went off 3.87 per cent, Hindustan Zinc stock price dipped 3.74 per cent while NMDC counter went southward 5.42 per cent.
Among the major Asian indices, the Japanese Nikkei 225 index crashed 1.11 per cent, South Korean Kospi nosedived 2.59 per cent, Hong Kong's Hang Seng tanked 1.82 per cent while the Shanghai index dipped 1.93 per cent in the opening bell today.
At Wall Street on Wednesday, Dow Jones crashed 1.92 per cent after closing at 26,763.13 levels, Nasdaq nosedived over 3 per cent and closed at 10,632.99 mark, Small Cap 2000 index tanked 2.60 per cent while S&P 500 went southward 2.37 per cent.
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