The Indian markets slipped into the red after it opened on a positive note. The BSE Sensex at 1021 hours was down 138.60 points, or 0.60% at 22,813.23.
The Indian markets slipped into the red after it opened on a positive note. The markets followed the Asian cues on Friday as they declined on fears of the health of European banks.
The BSE Sensex at 1021 hours was down 138.60 points, or 0.60% at 22,813.23.
The NSE Nifty at the same time was down 50.35 points, or .072% at 6,926.
The Indian markets had opened in the green post the 807 plunge on Thursday.
At 0919 hours the BSE Sensex opened on a positive note, up 105.14 points or 0.46% at 23,056.97.
The NSE too at the 0919 hours opened in the green, up 25.75 points or 0.37% at 7,002.10.
In a bloody carnage on Dalal Street, market benchmark Sensex plunged by 807.07 points on Thursday, its biggest fall in six months, to settle below 23,000-level after 21 months as fears of a global slowdown and disappointing quarterly numbers combined to batter investor sentiment.
Total investor wealth, measured in terms of cumulative market value of all listed stocks, tanked by more than Rs 3 lakh crore. Following Thursday's fall, the Sensex has come off over 23% from its all-time peak of 30,024 recorded nearly a year ago on March 4 while the total investors' wealth has come down by close to Rs 20 lakh crore since then. With this domestic equities have entered a 'bear market', which experts define as a fall of 20% from all-time peak.
The BSE Sensex after opening lower at 23,758.46 continued to slide on heavy selling pressure in blue-chips, forcing the index to touch a low of 22,909.12 before settling at 22,951.83 showing a fall of 807.07 points or 3.40%. This was index's weakest closing since May 12, 2014. The 50-share NSE Nifty broke 7,000-mark after plunging 239.35 points or 3.32% to 6,976.35.
The fall was so widespread that 28 Sensex stocks closed with losses including Adani Ports, BHEL, Tata Motors, ONGC, M&M, Tata Steel, HDFC, RIL, Axis Bank, GAIL, Maruti, ICICI Bank, HDFC Bank, lupin and ITC falling up to 6.94%.
Only Cipla and Dr Reddy's ended in the green territory. Among BSE sectoral indices, realty suffered the most at 5.94% followed by power (4.81%), PSU (3.90%), oils&gas (3.82%), metal (3.81%), banking (3.81%), capital goods (3.57%) and auto (3.53%). The broader markets also performed weak with the BSE small-cap index falling 4.64% and mid-cap down 3.27%.
Weak quarterly earnings of key corporates, global economic growth prospects and continued selling pressure by foreign portfolio investors and oil prices tanked again on fears of a deepening economic slowdown, dampened the sentiment. Country's biggest lender State Bank of India fell by 2.99% to Rs 154.20 after it posted 67% decline in consolidated profit to Rs 1,259.49 crore for the third quarter ended December 31, 2015-16.
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