The BSE Sensex has plunged over 1,000 points Monday amid a massive global sell-off triggered by a near 8% fall in China's Shanghai Composite Index.
The BSE Sensex plunged to a low of 25,969.64, down 1,396 points or 5.10% lower from previous day's close. Nifty breached the crucial psychological 8,000 mark and was down to 7,834.20, down 465.75 or 5.61% lower from previous close.
What is being touted as the biggest intraday fall in seven years, is also the second largest fall in the history of the BSE benchmark index.
The bloodbath was triggered by a massive global sell-off triggered by a near 8% fall in China's Shanghai Composite Index.
The fall has, so far, wiped out Rs 3 lakh crore of investors' wealth.
The loss suffered by the 10 biggest companies in terms of market capitalisation was itself close to Rs 2 lakh crore.
The market is witnessing all-round heavy selling across realty, power, oil & gas, bankex, auto, metal, capital goods and IT sectors.
The 50-unit Nifty fell below the psychological 8,000-mark, while Sensex was seen moving close to 26,000.
As stocks and rupee hit new lows, RBI Governor Raghuram Rajan says the country is in better position relative to many other economies.
RBI governor Raghuram Rajan, commenting on the market rout said, "I wish to reassure markets, macroeconomic factors are under
control."
The S&P BSE BANKEX index was down slightly over 1,000 points. The bank index shed 1,006.38 points or 4.9% and was at 19,681.32.
The CNX bank Nifty was was down nearly 5%. The bank index was down 4.98% or 898.55 points lower at 17,158.65.
Axis Bank touched a low of 6.21% before recovering slightly to 5.23% lower from previous day's close. The bank's scrip was trading at Rs 497.85 a piece. Bank of Baroda was down 6.39% at Rs 186.90, while the state's largest lender State Bank of India was trading down 5.08% at Rs 253.90 a piece.
Source: Money Control
The BSE SmallCap index was down 556.15 points at 11,054.29, while the S&P BSE MidCap index was 486.54 points lower at 10,730.11. The CNX MidCap index was at 13,100, down 649.20 points.
The rupee, on the other hand, breached the 66-level against the dollar for the first time since September 2013. Intraday, the rupee recovered slightly but was still 59 paise weaker at 66.42 to a dollar. On Monday, the rupee shed value against the dollar even though the greenback remained weak against safe-haven yen in the global markets amid growing concerns about the world economy.
RBI governor Raghuram Rajan, however, stepped into contain the panic by saying that the Indian currency was still in a better position, compared to other currencies. He also said that the central bank isn't apprehensive about using foreign reserves to contain the rupee's weakness, indicating that RBI may intervene to stop the tailspin. The Central Bank has consistently maintained that India has adequate foreign reserves. Rajan said that the country has $380 billion in forex reserves, as and when they are needed to be used.
(With Agencies)
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