Sensex sheds over 500 points; 5 power points that explain the debacle
Sensex index slipped by massive 505.13 points or 1.33% at 37,585.51.
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Anil Singhvi's Market Strategy October 16: Trend to be Neutral; Cement, Fertilizers and Chemicals are Positive todayOnce again Indian markets crumbled on today's trading session with Sensex giving up over 500 points. Even Nifty 50 could not hold its previous gains and followed suit. The 50-scrip index finished at 11,377.75 down by 137.45 points or 1.19%, while the 31-scrip index slipped by massive 505.13 points or 1.33% completing at 37,585.51. The loss in Sensex was much higher compared to the selling in Nifty 50.
VK Sharma, Head Private Client Group & Capital Market Strategy at HDFC Securities said, "PM’s review meeting over the week-end on economy did not bring out any immediate trigger for the stocks prices to catapult higher. Stocks and forex had high hopes on the outcome and both markets promptly gave up their recent gains."
Here's a list of five reasons why Sensex gave away over 500 points.
Large cap losers!
Major companies especially the large caps one saw massive loss on Dalal Street today. Among losers Sun Pharma took the lead by tumbling 2.85% ending at Rs 646.15 per piece. This was followed by HDFC at Rs 1878.60 per piece down by 2.47%, Tata Motors at Rs 260.20 per piece below 2.35%, Reliance Industries at Rs 1226.25 per piece lower by 2.12% and Asian Paints at Rs 1305.30 per piece down 1.93%.
Other losers in the list were - HDFC Bank at Rs 1992.45 per piece (1.81%), Hero Motocorp at Rs 3132.20 per piece (1.72%), ITC at Rs 301.90 per piece (1.65%), Stata Bank of India (SBI) at Rs 285.60 per piece (1.65%), Axis Bank at Rs 626.05 per piece (1.60%) and Hindustan Unilever at Rs 1604.05 per piece (1.60%).
Companies like Yes Bank, NTPC, Infosys, Maruti Suzuki, Larsen & Toubro, Coal India and ICICI Bank also slipped in the range of 0.80% to 1.50%.
Banking stocks gain pain!
The banking stocks were among the top losers on Sensex. There was heavy selling pressure from investors so much so that S&P BSE Bankex plunged by 330.74 points or 1.08% after ending at 30,290.81.
Almost every major stock had finished in red. Banks like HDFC Bank, Axis Bank and SBI were top three major losers.
Only Bank of Baroda, IndusInd Bank and PNB saw some positive moment, however, it was only gradual rise ranging from 0.18% to 0.41%.
Auto stocks!
After banking, it was auto stock which did not find any love for investors, as the S&P BSE Auto index plummetted by 243.10 points or 1% ending at 24,003.76.
On the index, Cummins India topped the losers list by tumbling 3.03% ending at Rs 738.05 per piece. This was followed by Ashok Leyland at Rs 127.45 per piece (2.97%), Bharat Forge at Rs 653.75 per piece (2.48%), Tata Motors at Rs 260.20 per piece (2.35%) and Balakrishna Industries at Rs 1141.20 per piece (1.90%).
While Hero Motocorp, Exide Industries, Maruti, Bajaj Auto, Bosch, MRF and M&M added more fuel to the pain.
It was only Eicher Motors that soared by 1.02% at Rs 29,667.05 per piece on the index, followed by Apollo Tyre and TVS Motors who gained by 0.87% and 0.50% respectively.
Rupee's free fall!
The Indian rupee has once again breached the 72-mark to hit a low of 72.69 (intra-day) against the US dollar at interbank forex market.
According to Investing.com, the Indian currency finished at 72.460 above 0.355 points or 0.49% against the dollar.
Standard Chartered in its research report said, "INR weakened against the USD despite the government measures. Over the weekend, the government announced several steps to prop up capital inflows and to curb “non-essential” imports, while sticking to its fiscal deficit targets. Moreover, continued selloffs in global markets also added pressure."
Global markets on hotbed!
Globally, the Asian stocks ended lower on renewed fears of escalating trade war between the world's two largest economies, as per PTI report.
The Hong Kong's Hang Seng index was down 1.28%, while Shanghai Composite Index was below 1.11%.
It needs to be noted that, financial markets in Japan were shut Monday on account of a public holiday.
Going ahead. in the Eurozone, Paris CAC 40 dropped 0.26% and Frankfurt's DAX was lower by 0.36% in their late deals. London's FTSE too slipped by 0.30%.
Talking about global markets, Sharma said, "President Donald Trump wants to impose tariffs on $200 billion of Chinese goods, the signals that the trade jitters will continue to hang over global financial markets for the time being."
