5 Reasons Why Sensex Plunged 588 Points Today

Extending losses to the sixth straight session, Indian share markets witnessed selling pressure during closing hours today and ended deep in the red.

At the closing bell, the BSE Sensex stood lower by 588 points. Meanwhile, the NSE Nifty ended down by 182 points.

IndusInd Bank and Sun Pharmaceuticals were among the top gainers today.

Dr Reddy's Laboratories, on the other hand, was among the top losers today.

SGX Nifty was trading at 13,720, down by 122 points, at the time of writing.

The BSE Mid cap index and the BSE Small cap index ended lower by 0.7% and 0.3%, respectively.

On the sectoral front, telecom stocks, IT stocks, and auto stocks were among the hardest hit.

US stock futures are trading lower today indicating a weak opening for Wall Street indices with the Dow Futures trading down by 284 points (down 0.9%).

The rupee is trading at 72.94 against the US$.

Gold prices are trading up by 0.8% at Rs 49,016 per 10 grams.

Here are Top 5 Factors Why Indian Stock Markets Plunged Today

Pre-Budget Nervousness: Traders were seen lightening their positions ahead of Union Budget on Monday.

Weak Global Cues: European stock markets sank at the open, extending the previous day's heavy losses as a global sell-off gathered speed.

Asian stock markets ended deep in the red.

The Hang Seng was down 0.9% and the Shanghai Composite stood lower by 0.6%. The Nikkei ended down by 1.8%.

Under pressure from global stock markets, benchmark indices also traded in the red. The BSE Sensex gave up the 46,500-level while the Nifty slipped below 13,650.

FIIs Turn Bearish: The fourth day of consecutive selling by FIIs worth Rs 37.1 billion has turned the market mood bearish.

Auto, IT, and Telecom Stocks Bleed: Losses were also widened after a sell-off in auto, IT, and telecom sectors which fell more than 2.6% each.

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Disclosure: Equitymaster Agora Research Private Limited (Research Analyst) bearing Registration No. INH000000537 (hereinafter referred as 'Equitymaster') is an independent equity research ...

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