Sunday, February 25, 2024

Indian equities in free fall, key index below 11,000

The bloodbath in the Indian equities markets continued on Wednesday with a key index dipping below the psychologically important 11,000-pt mark after opening weak.
There was all round selling pressure as nervous investors grappled with news that even the global multilateral funding agency, the International Monetary Fund (IMF), considers India vulnerable to the global financial meltdown. At 12.22 p.m., the 30-share sensitive index (Sensex) of the Bombay Stock Exchange (BSE) was at 10,949.64, down 745.60 pts or 6.38 % against its previous close at 11,695.24 pts.
At one pt in the morning session, the Sensex was down by more than 902 pts or 7.71 % to 10,782. The broader-based S&P 50-share CNX Nifty index of the National Stock Exchange was at 3,360.20, down 246.4 pts or 6.83 % from its previous close at 3,606.60.
The BSE midcap index was at 3,889.87, down 367.29 pts or 8.63 % from its previous close Tuesday at 4,257.16 pts. The BSE smallcap index was at 4,603.94, down 372.45 pts or 7.48 % from its previous close Tuesday at 4,976.39 pts.
All the 13 sector specific indices were in the red, led by that for consumer durables, down a whopping 14.12 %, followed by drops of 9.54 % for metals, 8.82 % for realty and 8.59 % for information technology.
None of the Sensex-component stocks showed gains. Among individual stocks, Sterlite was down 13.74 %, Satyam Computers fell 13.77 %, Wipro dipped 11.94 %, Jiprakash Associates declined 10.35 % and ICICI Bank dropped 10.24 %.
HDFC, Hindalco, Reliance Communications, Tata Consultancy, Tata Steel, Reliance Infrastructure, Tata Power and Reliance Industries also fell between 9.99 % and 7.48 %.

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