Muristek
Mumbai, January 24
The domestic equity market on Monday logged the steepest single-day drop in about two months, with the benchmark Sensex crashing nearly 1,546 points to crack below the 58,000-level due to panic selling across counters tracking subdued global stocks.
The BSE Sensex started the session on a weak note and got further overwhelmed by panic selling as the trade progressed and tanked over 2,050 points to touch the day's low at 56,984. Recouping some lost ground towards the fag-end, the index finally settled at 57,491.51 — clocking a massive 1,545.67 points or 2.62% drop.
Biggest fall in two months
The Sensex tanked over 2,050 points intra-day before settling at 57,491.51, down 1,545.67 pointsThe Nifty slumped 468.05 points to settle at 17,149.10This was the biggest fall for both Sensex and Nifty in two monthsLikewise, the NSE Nifty slumped 468.05 points or 2.66% to settle at 17,149.10.
This was the biggest single-session fall for both Sensex and Nifty since November 26 last year and also the fifth straight session of loss for the indices.
On the Sensex chart, Tata Steel was the top loser, shedding around 6%, followed by Bajaj Finance, Wipro, Tech Mahindra, Titan, Reliance Industries and HCL Tech.
"The Indian markets have been under significant pressure in the past few days, correcting by 7% from the recent highs, after a smart pullback seen since mid-December. It has been a quite broad-based correction across sectors and marketcaps, although the more expensively valued names and the recent IPO new age companies have seen a sharper cut," Milind Muchhala, Executive Director, Julius Baer, said.
The weakness largely mimics the rot in the global markets over the past couple of weeks, especially in the US markets, on continuing concerns of sticky inflation and Fed's action/rhetoric, he added. —