Bloodbath at D-Street: Bears tighten hold recording biggest fall in 10 months

Bears on Monday tightened their hold on Dalal Street as benchmark indices witnessed their biggest fall in 10 months.

At close, the Sensex was down 2,226.79 points or 2.95% at 73,137.90, and the Nifty was down 742.85 points or 3.24% at 22,161.60.

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Sensex crashed nearly 4,000 points, while the Nifty 50 dropped below 21,750 in early deals.

The BSE Midcap and Smallcap indices closed with losses of 3.46% and 4.13%, respectively.

The selloff eroded investors’ wealth by more than Rs 12 lakh crore, as the market capitalization of BSE-listed companies slipped to Rs 390 lakh crore, from Rs 403 lakh crore in the previous session.

The volatility index India VIX surged 66% to 22.8, indicating extremely high nervousness in the market.

On Nifty, around 47 stocks ended in the red. The top losers were Trent (14.70%), JSW Steel (7.53%) and Tata Steel (7.26%).

Shares of Hindustan Unilever (0.24%) and Zomato (0.22%) ended in the green while Apollo Hospitals Enterprise ended flat.

Notably, Trent, JSW Steel, Tata Steel, Hindalco, Tata Motors, L&T, Shriram Finance and Adani Enterprises cracked more than 5%.

Among the sectors, all ended in the red. Metal index shed 6.7%, Realty down by 5.6%, while media, PSU Bank, Auto, Energy, and IT down 2.5-4%.

Precisely, Media was down by 3.94%, Auto down by 3.78%, Pharma by 2.75% and IT was down 2.51%.

Heavyweight stocks DLF and Godrej Properties also ended the session nearly 7% lower.

Nifty Bank lost 3.19%, while the Financial Services index declined 3.49%.

Bajaj Housing Finance Ltd shares declined 5% even after strong performance in its Q4FY25 business updates.

On BSE, over 770 stocks hit 52-week low. These included Siemens, Jindal Saw, Punjab and Sind Bank, Thermax, Swan Energy, NALCO, Intellect Design, Sobha, Hindustan Copper, Sammaan Capital, Bharat Forge, DLF, Godrej Properties, Indiamart Intermesh, Sterling Wilson, TBO Tek, Bank of Maharashtra, Jindal Stainless, Happiest Minds among others.

Shares of crude-sensitive companies strongly recovered from their respective day’s lows, after Brent crude oil price dropped nearly 4% to hover around $63 per barrel.

Shares of Mazagon Dock Shipbuilders crashed nearly 10%, extending losses for the third consecutive session fuelled after the government announced plans to sell up to 4.83% stake in the PSU defence firm at a floor price of Rs 2,525 per share.

On the global front, the Asian indices reported their worst drop in over 16 years.

Hang Seng fell over 15%, witnessing its biggest intraday drop since 2008 while the Taiwan Weighted index too fell nearly 11%, recording its biggest fall ever.