Market Pulse: Monday Mayhem As Dalal Street Painted Red

  • Stock Market Analysis

Nifty and Sensex loses almost 6% each following global sell-off. Realty, PSU Bank stocks bear most of the brunt of panic selling.

New Delhi (OpeningBell.in):The Indian share market witnessed a maniac Monday as benchmark indices gapped down sharply at the open, kept falling whole day and faced intensified selling at the close. 30-share BSE Sensex closed down 1,624 points or 5.94% to close at 25,741 and 50-component CNX Nifty slumped 490 points or 5.92% to close at 7809. Midcaps and Smallcaps fared even worse with CNX Midcap fell 9.6% and the S&P Smallcap index lost 8.8%. The rupee tanked to its lowest at 66.69 since September 2013 as China-led global economic slowdown caused panic in Asian markets.

There was a sea of red across the global financial markets after the sharp slump on the Wall Street on Friday. Asian markets followed the rout as Chinese markets continued sharp correction and fell to its lowest level since March. The Shanghai Composite index tumbled 8.5% to erase its gains for the year.

RBI governor Raghuram Rajan tried to calm the markets with positive statements in support of falling currency and highlighted structural reforms that will make India better positioned than other countries. The governor also highlighted RBI’s willingness to use forex reserve to curb volatility in Indian currency.But on a day like today, it’s hard to look long-term and traders were totally focused on the problem at hand.

Among 50-share Nifty components, there was only one, NMDC (NSE: NMDC ), that didn’t close in red and only one, Power Grid, that fell less than 2%. On the other hand, there were 6 components that slumped more than 10%. The sell-off in Nifty was led by Vedanta that fell almost 15% closely followed by GAIL and Tata Steel that corrected 14.16% and 13.83% respectively.

Sectoral indices for auto, banks, capital goods, metal, and pharma all tumbled in excess of 7%.

Chart courtesy: Nifty Charts www.niftycharts.in

At the end of the day, the 30-share index – Sensex closed at 25,741.56, down 1624.51 points or 5.94% and the 50-share index – Nifty closed at 7,809.95, down 490.95 points or 5.92%.

2015-08-24-PM-MarketUpdate

In today’s trading session, all Sensex & all but one Nifty components ended in red.

The top 5 BSE Sensex losers were – Vedanta (-15.30%), Tata Steel (-13.11%), GAIL (-12.78%),ONGC (-11.17%) and Bajaj Auto (NSE: BAJA ) (-9.09%).

In Nifty, the top 5 losers were – Vedanta (-14.85%), GAIL (-14.16%), Tata Steel (-13.83%), Cairn (-13.20%) and Punjab National Bank (NSE: PNBK ) (-11.36%).

On BSE, all sectoral indices ended in red. The top 5 losing sectoral indices were – Realty (-10.93%), Oil & Gas (-9.2%), Power (-8.12%), Consumer Durables (-7.23%) and Auto (-7.19%).

On NSE also, all sectors ended in red. The top 5 losing sectoral indices were – Realty (–11.08%), PSU Banks (-9.35%), CPSE (-8.54%), Energy (-8.31%) and Media (-8.05%)

The broader indices also ended on a negative note. The CNX Smallcap closed down 10.61%, while, CNX Midcap index closed down 8.77%.

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