Indian stock markets plummeted heavily on Friday with Sensex slumping 563 points and Nifty slipping below 10,400-level for the in 2018 as global sell-off extended following a landslide plunge in US stock markets on Thursday. The S&P BSE Sensex crumbled as much as 563.51 points to hit a nearly to a one-and-half-month low of 33,849.65 and NSE Nifty slipped below 10,400-mark for the first time in 2018 diving 178.65 to the current year’s low of 10,398.2. Earlier on Thursday, Us equities witnessed a massive sell-off due to which the key equity index Dow Jones Industrial Average dived more than 4%. Meanwhile, a sharp decline in heavyweight shares of companies such as ICICI Bank, HDFC, HDFC Bank, ITC, Infosys, Reliance Industries, L&T and TCS contributed heavily to the index losses.
Shares of ICICI Bank, Infosys, ITC, HDFC, Yes Bank, Axis Bank, L&T, NTPC, TCS, Kotak Mahindra Bank, Adani Ports, Tata Motors, ONGC, Power Grid, Dr Reddy’s and State Bank of India emerged as the top losers among the Sensex components losing 1-3%. The shares blue-chip heavyweights companies like ICICI Bank, HDFC, HDFC Bank, ITC, Infosys, Reliance Industries, L&T, TCS, Axis Bank, Kotak Mahindra Bank, SBI and Yes Bank contributed heavily to the index losses jointly wiping off as much as 395 points. BSE Sensex 410.71 points to open at 34,002.45 whereas NSE Nifty dipped 160.35 points to begin at 10,416.5.
Market at glance
All the sectoral and broader indices fell into negative territory in the early trades on Friday. Among the broader market indices of NSE, other than Nifty 50, Nifty Next 50, Nifty 100, Nifty 200, Nifty 500, Nifty Mid100 Free Nifty, Midcap 50 and Nifty Sml100 shed up to 1.4%. On the other hand, 10 out of 11 sectoral indices of NSE were trading in red with Nifty Bank, Nifty PSU Bank, Nifty FMCG, Nifty Pvt Bank, Nifty Fin Service, Nifty IT leading the losses while Nifty Metal was trading in green.
Q3 earnings today
Today Indian equities a round of third-quarter corporate earnings are scheduled with companies such as State Bank of India, Tata Steel, BPCL, HPCL, ONGC, and Bank of Baroda. Other major companies which are also lined up with their respective Q3 numbers are Bata India, MOIL, National Aluminium Company, Syndicate Bank, Central Bank Of India, Dredging Corporation Of India, India Cements, Mahanagar Gas, Marico, Max Financial, Oil India, Sobha, and Sun TV.
US stock markets on Thursday
The US stock markets plunged around 4% on Thursday in another dramatic session, confirming a correction that has thrown the market’s nearly nine-year bull run off course, Reuters said in a report. US equities posted massive gains in the January 2018 and were repeatedly making and breaking fresh record highs. The stock markets began to decline from last Friday when US Labor Department said workers’ wages grew at a fast rate in January. The Dow Jones Industrial Average fell 1,032.89 points or 4.15% to 23,860.46, the S&P 500 lost 100.66 points or 3.75% to 2,581 and the Nasdaq Composite dropped 274.83 points or 3.9% to 6,777.16