Bloodbath on Dalal Street: Sensex plummets over 1,000 points, recovers thereafter; check full list of losers
The benchmark BSE Sensex today plunged over 1,000 points before staging a recovery while the Nifty50 also fell below 10,900 mark. In what caught teh stock market world totally by surprise, BSE Sensex plunged before recovering. It was trading at 37,002 points, down 118 points at 1.38 pm. However, earlier, the index plummeted by as much as 1,244 points to 36,132 at 1.09 pm from 37,376 at 12.22 pm.
The fall was marked by heavy selling pressure. However, the recovery was equally fast and the graph showed the entire picture in what can only be termed as a momentary lapse in reason.
Earlier in the day, there was much jubilation as the stock market indices started on a joyous note with Sensex rallying over 300 pts even as Nifty reclaimed the 11,300-mark. This was mainly due to sustained buying by domestic institutional investors as well as a stronger rupee. In opening trade, Sensex soared by 305.88 points, or 0.82 per cent, to 37,427.10. However, notably, Sensex had lost 969.42 points in the previous three sessions, with Thursday being a market holiday due to Muharram.
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In similar vein, the broader Nifty50 crashed to under the 11,000 mark, shedding as much as 367.90 points, or 3.27 per cent. It had plunged as low as 10,866.45 points at one time. However, it recovered by over 300 points to 11,169.90 points.
#BREAKING : #Sensex में करीब 1000 अंको की गिरावट@AnilSinghviZEE @SwatiKJain @dkalra81 pic.twitter.com/0bDul3C5Qp
— Zee Business (@ZeeBusiness) September 21, 2018
What may have made investors easy, and perhaps, provided the first inkling of something being wrong, was Yes Bank share price which crashed as much as 34% before recovering a bit to be down by 19%. This plunge by Yes Bank was on account of its chief Rana Kapoor, being told to quit by 31 January, 2019.
BSE Bloodbath: Who Was To Blame? Check full list of losers
Sectors to blame were realty, healthcare, banking, IT, auto, teck, power consumer durables, FMCG, capital goods, infrastructure, metal and PSU indices. These plunged by up to 3.65 per cent.
Stock Villains on BSE:
* DHFL tanked over 50 per cent!
* Other housing finance stocks to fall were Indiabulls Housing Finance, Can Fin Homes, PNB Housing Finance and LIC Housing Finance - they fell up to 17 per cent!
* Yes Bank- cracked 34 per cent at one stage
* PNB, Federal Bank, Bank of Baroda, Kotak Bank and SBI - plunged by up to 7.44 per cent.
* Adani Ports, Tata Motors, Infosys, Sun Pharma, SBI, Maruti Suzuki and HUL - fell by up to 3.15 per cent.
Currently, Dewan Housing (down by around 35 per cent), YES Bank (down by around 27 per cent) and Libas Designs (down by 30 per cent) were among the top losers.
Earlier today, the Sensex has rebounded over 300 points in opening trade on value-buying in select bluechip stocks.
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