The S&P BSE Sensex dropped as much as 1,274 points on Tuesday following the global sell-off led by a downturn in investors sentiments with shares of HDFC Bank, HDFC, RIL, ICICI Bank, Infosys, Axis Bank and Tata Motors leading the losses.
The S&P BSE Sensex dropped as much as 1,274 points on Tuesday following the global sell-off led by a downturn in investors sentiments with shares of HDFC Bank, HDFC, RIL, ICICI Bank, Infosys, Axis Bank and Tata Motors leading the losses. Over the course of three days, BSE Sensex has tumbled about 2,400 points while NSE Nifty has shed about 740 points for the same period under review. All the shares of BSE Sensex and NSE Nifty indices are trading in the negative territory. Shares of Tata Motors, Axis Bank, Kotak Mahindra Bank, HUL, HDFC Bank, Yes Bank, HDFC, GAIL, Indiabulls Housing Finance, Ultratech Cement, Vedanta, Ambuja Cement, UPL, HCL Tech and Adani Ports were the top losers among Sensex and Nifty.
Among the market movers, the stock of Tata Motors was trading down 6.1% at Rs 371.9; Axis Bank down 4.73% at Rs 539.35; Kotak Mahindra Bank down 3.53% at Rs 1,024.75; HDFC down 3% at Rs 1,770.9; TCS down 3.14% at Rs 3,009.45; Adani Ports down 3.04% at Rs 396.45; Yes Bank down 3.02% at Rs 333.7; HUL down 2.98% at Rs 1,317.9, Hero MotoCorp down 2.92% at Rs 3,528; SBI down 2.92% at Rs 289. The heavyweight shares of companies such as HDFC Bank, HDFC, ICICI Bank, ITC, Reliance Industries, Axis Bank, Tata Motors, Infosys, Kotak Mahindra Bank, TCS and State Bank of India contributed heavily to the Sensex declines. Collectively these 11 shares wiped off as much as 700 points out of the index.
In meantime, following the massive rout in Indian equities, about Rs 10 lakh crore have been wiped off from the Indian stock markets in the last three days as global sell-off amplifies and BSE Sensex has lost over 2,400 points in the corresponding period. In the last three days, the S&P BSE Sensex has crumbled over 2,400 points to hit a one-and-half-month low of 33,482.81. Investors having exposure to Indian stock markets all across have lost an enormous amount of Rs 10 lakh crore in just three trading sessions on the back of global sell-off and LTCG (Long-Term Capital Gain) from equities being taxed at 10%.
Earlier yesterday, US stocks plunged in highly volatile trading with both the S&P 500 and Dow Industrials indices slumping more than 4% as the Dow Jones notched its biggest intraday decline in history with a nearly 1,600-point drop and Wall Street erased its gains for the year, Reuters said in a report. The slumps in the benchmark S&P 500 index and the Dow Jones Industrial Average were the biggest single-day percentage drops since August 2011, a period of stock-market volatility marked by the downgrade of the United States’ credit rating and the euro-zone debt crisis. The Dow Jones Industrial Average fell 1,175.21 points or 4.6% to 24,345.75, the S&P 500 lost 113.19 points or 4.1% to 2,648.94 and the Nasdaq Composite dropped 273.42 points or 3.78% to 6,967.53.