Stock market bounces back; banks, metals shine
Sensex was up 599.34 points, or 0.83 per cent at 73,088.33, while the Nifty was up 151.20 points or 0.69 per cent at 22,147.
The BSE Sensex cracked below the 34,000-mark by plunging about 1,275 points or 3.6 per cent in opening trade today due to across-the-board losses after investor sentiment was hit by a sell-off in world markets.
Extending its falling streak for the sixth straight session, the 30-share index fell by 1,274.35 points, or 3.66 per cent, to 33,482.81 with all sectoral indices led by realty, consumer durables, metal and banking tradings in the negative zone.
The index had lost 1,526 points in the previous five sessions after its remarkable over 2,200-point gain in January month.
Advertisement
Also, the broader NSE Nifty cracked below 10,300-mark by falling 390.25 points, or 3.65 per cent to 10,276.30.
Market sentiment took a beating in line with sharp losses at other Asian markets after a record-breaking loss on Wall Street after investors fret over rising US borrowing costs, brokers said.
The US Dow suffered its deepest fall in history, erasing all of its 2018 gains, while the S&P 500 took a beating to sit down for the year yesterday.
Asian markets followed the trend with Tokyo diving more than 5 per cent, Hong Kong 4 per cent and Sydney 3 per cent, Singapore 2.3 per cent, Seoul 3 per cent, Taipei 3.7 per cent, and Shanghai 2.1 per cent.
The heavy profit booking comes after months of surges fuelled by corporate earnings, global outlook and optimism over the US economy.
In domestic markets, caution ahead of RBI monetary policy meeting which begins later in the day and the rupee depreciating by 29 paise to 64.36 against the dollar too dampened the sentiment, brokers said.
Strong selling pressure dragged down all the Sensex and the Nifty components.
Foreign institutional investors sold equities worth Rs 1,263.57 crore in yesterday’s trade, as per provisional data.
The laggards include Tata Motors, Yes Bank, Axis Ban, SBI, Asian Paint,Tata Steel, Adani Ports, ICICI Bank, IndusInd Bank, HDFC Bank, Maruti Suzuki, L&T and Hero MotoCorp, plunged by up to 7.55 per cent.
Advertisement
