Sensex cracks 1200 points, Nifty below 10300 — TERRIBLE TUESDAY

Sensex cracks 1200 points, Nifty below 10300 — TERRIBLE TUESDAY

The Indian markets saw a bloodbath in the opening trade as both Sensex and Nifty crashed on opening bell on global cues as well as Budget 2018.

The broader Nifty index was down 308 points or 2.89 percent at 10,358, with Asian Paints, UltraTech Cement, SBI, HCL Technologies, Bajaj Finance, Vedanta, Yes Bank, Axis Bank, Indiabulls Housing Finance and Tata Motors losing 4-7 percent.

The leading United States stock market index on Monday closed down 4.6 per cent at 24,345.75, BBC reported.The fall surpasses a previous record 777.68 points drop on the Dow Jones during the financial crisis in 2008.

In intraday trade, Sensex slumped almost 1,274.35 points to 33,482.81 points, while Nifty declined 371.40 points to 10,295.15.

According to market observers, all the major Asian as well as European stock markets, edged lower following an overnight downward correction in Dow Jones by over 1,100 points.

Nifty 50 fell 261.70 points, or 2.45 percent, to 10,404.85. Given the global market scenario, foreign funds have started taking money out of India with Monday's net selling figure at Rs 1,264 crore.

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Notable gainers were, Bharti Airtl 4.74 per cent, ITC 2.07 per cent, Tata Motors 2.03 per cent and PowerGrid 1.92 per cent.

At 12:22 pm: BSE Sensex is still over 1,000 points down. Following Budget on February 1, even after declaring there is a long-term capital gain tax, the market was okay at end of the day.

India's volatility index (VIX), soared 5 per cent on the National Stock Exchange (NSE) signalling the underlying nervousness in the market.

Interestingly, the market is abuzz with talks that insurance behemoth LIC has stepped up its buying in select index constituents to help the benchmarks recover from the deep losses of the day. The recovery was led by private banks like ICICI BankAxis Bank that rose 1-2 per cent. Other than the domestic factor, market players said that the rising global yield is also affecting investor sentiment around the world. On Monday, Wall Street recorded its biggest decline since 2008.

The 50-share NSE Nifty too closed down 168.30 points, or 1.58%, at 10,498.25 - a level last seen on January 3 when it closed at 10,443.20.

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