According to market experts, weak global markets and disappointing corporate earnings affected the market sentiments today.
In a bloody carnage on Dalal Street, Sensex slumped 807 points on Thursday, making it to the list of worst 10 biggest falls. According to market experts, weak global markets and disappointing corporate earnings affected the market sentiments on Thursday. The 30-share index closed 3.40 per cent down at 22,951.83. Prior to Thursday’s fall, the 30-share index tumbled 833.98 points on February 11, 2008.
NSE Nifty also slid below psychological level of 7,000 and closed 239.35 points down at 6,976.35.
Total investor wealth, measured in terms of cumulative market value of all listed stocks, tanked by more than Rs 3 lakh crore.
Following Thursday’s fall, the Sensex has come off over 23 per cent from its all-time peak of 30,024 recorded nearly a year ago on March 4 while the total investors’ wealth has come down by close to Rs 20 lakh crore since then.
On Thursday’s stock markets plunge, Dinesh Thakkar, CMD, Tradebulls, said “Not just our market, but European market as well as Asian market saw blood bath on growth fears. Crude Oil crashing is supporting the negative sentiment that global growth is shrinking. At present, we are witnessing redemption pressure from overseas funds due to crash in crude and commodity prices. Domestically, most of the PSU banks have reported over 40 per cent jump in provisions requirement which indicates that selling pressure will continue in banks. Market may look attractive at current levels but with no visible earnings growth, investors shouldn’t expect swift recovery in market. Post Budget, clear trend will be known in Indian market.”
Below are the top 10 biggest single-day fall at close for the Sensex: