Investors lose Rs 3.78 lakh crore as Sensex plunges 525 points; Nifty settles below 17,400
FDI key to India’s aspiration to be a $5 trillion economy, says Deloitte CEO
Finance Ministry to start budgetary exercise from October 12
HDFC ties up with Paytm for credit cards
GST Council’s clarifications could spell relief for telecom cos, insurers and banks having operations across several states
States may seek GST compensation extension
And
Average increment given by companies at 8% in 2021
Let us take a quick glance at what happened on Dalal Street today.
Domestic equity markets kicked off the week on a negative note on widespread pessimism in global markets. The drop in commodity prices and Evergrande crisis in China made the market jittery. Metal stocks bled, whereas hotels and FMCG players saw some buying. The steep fall made equity investors poorer by Rs 3.78 lakh crore during the session. BSE Sensex, which gyrated in the range of 813 points, tanked 525 points to settle below 58,500. Nifty50 lost about 190 points to end the day just 3 points below 17,400. The index scaled 17,600 during the session. Broader markets underperformed as BSE midcap and smallcap indices gave up 2 per cent each. Fear gauge India VIX wildly rose 15 per cent, crossing the 17 mark.
On BSE Sensex, Tata Steel tanked 10 per cent, leading the losers. It was followed by SBI and IndusInd Bank, which shed 4 per cent each. HDFC, Dr Reddy’s, M&M, Ultratech Cement, Sun Pharma, Axis Bank and HDFC Bank declined 2 per cent each. On the other hand, HUL soared 3 per cent. Bajaj Finserv and ITC added over a per cent each. HCL Tech, Nestle, Bajaj Finance and Reliance ended the day in green. Over 295 stocks hit upper circuit limits for the day, whereas more than 275 stocks hit the lower circuit. About 95 stocks tested 52-week highs during the session.
We have Narendra Solanki from Anand Rathi Shares & Stock Broker to share his views on the day’s action and the road ahead:
Welcome to the show sir:
1. Do you think China’s Evergrande crisis can trigger global selloff?
2. What are your expectations from the US Fed meeting this week?
We also caught up with Ashis Biswas of CapitalVia Global Research to decode the technical charts for you.
1. Nifty 50 witnessed a volatile session and could not hold about 17,400. Where is it headed?
2. Nifty Bank underperformed Nifty 50. What do technical charts suggest about it?
Asian markets settled mostly lower for the day. Major European markets were trading with cuts in the first few hours of trade. US stock futures were down, hinting towards a negative start to US equities later in the day.
That’s all for now. Do check out ETMarkets.com for all the news, market analysis, investment strategies and dozens of stock recommendations. Enjoy your evening. Bye Bye!
