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| Edited By: |Source: PTI |Updated: Mar 18, 2018, 04:13 AM IST
The Bombay Stock Exchange (BSE) Sensex tumbled 302 points today to 16,151.45 on across-the-board selling amid concerns over economic growth as well as corporate earnings this season and weak markets globally on persisting euro-zone debt crisis.
Realty, metals, banking and capital goods led the fall. All the 13 sectoral indices closed in the red, and 22 of the 30 Sensex scrips ended with sharp to moderate losses.
Analysts said that global investor sentiment dampened after Greece said it would miss deficit targets set by IMF and EU, spurring fears over spread of euro-zone debt crisis.
They said investors were under selling pressure on all round worries over slowdown in the manufacturing sector, high inflation, rising interest rates and continued selling by foreign funds on fears of global economic slowdown.
Steep fall in top five heavyweights RIL (2.49 per cent), Infosys (2.27 per cent), ICICI Bank (4.12 per cent), L&T (2.94 per cent) and ITC (1.54 per cent) -- together contributed over 180 points to the Sensex slide.
The BSE index resumed nearly 200 points lower from the previous close and fell further to end at 16,151.45 -- down 302.31 points or 1.84 per cent. On Friday, Sensex had plunged over 244 points or 1.46 per cent.
The NSE 50-issue Nifty also dropped by 93.75 points or 1.90 per cent to 4,849.50.
"Global turmoil is making the markets highly volatile. Besides, October, being the earnings result month, is expected to be all the more volatile going ahead," said Shanu Goel, Senior Research Analyst at Bonanza Portfolio.
"Developments pertaining to Greece's default and news flows from the US economy indicating the risk of recession are going to influence the future trend of the market," Goel added.
Meanwhile, FIIs here sold shares worth about Rs690 crore on September 29-30 as per provisional figures with the stock exchanges.
In Asia, key indices in Hong Kong, Japan, Singapore and Taiwan ended lower between 1.78 per cent and 4.38 per cent, while China and South Korea markets were closed today.
European stocks were also weak in the afternoon. The CAC was down 2.17 per cent, the DAX (2.12 per cent) and the FTSE (1.62 per cent). In US, the Dow Jones and the Nasdaq had dipped 2.16 per cent and 2.63 per cent respectively last Friday.
At home, realty major, DLF was the top loser from the Sensex pack, down 7.82 per cent. Metal stocks were also down amid global economic worries. Jindal Steel stumbled 6.02 per cent, Hindalco (5.45 per cent), Tata Steel (4.95 per cent) and Sterlite Ind (4.30 per cent).
Other major losers were Jaiprakash (3.71 per cent), Wipro (2.85 per cent), Tata Power (2.66 per cent), SBI (2.53 per cent), BHEL (1.89 per cent), HDFC Bank (1.88 per cent), HUL (1.70 per cent), NTper cent (1.52 per cent), Tata Motors (1.38 per cent) and Bajaj Auto (1.20 per cent).
Among the sectoral indices, BSE-Realty sank 4.59 per cent, Metals (4 per cent), Bankex (2.82 per cent) and Capital Goods (2.52 per cent). Some of them logged their 52-week lows.
The total market breadth on the BSE remained unfavourable as 1,910 stocks closed in the red, while 876 that finished in the green. Total turnover dropped to Rs 2,150.24 crore from Rs 2,489.43 crore last Friday.
