Snapping its 10-session profitable run, fairness benchmark Sensex plunged 1,066.33 points on Thursday as investors pressed the exit button amid an enormous selloff in global markets. The 30-share BSE index plummeted 1,066.33 points or 2.61 per cent to finish at 39,728.41. The broader NSE Nifty crashed 290.70 points or 2.43 per cent to 11,680.35.
Global equities cratered as hopes light of a pre-election stimulus deal within the US, whereas a number of international locations in Europe braced for a second spherical of lockdowns to curb rising COVID-19 circumstances, jeopardising the already shaky financial restoration.
Back house, market members have been additionally wanting to guide income after the latest rally amid already stretched valuations, merchants mentioned.
Barring Asian Paints, which inched up 0.32 per cent, all Sensex constituents closed within the pink.
Bajaj Finance was the highest loser, tumbling 4.68 per cent, adopted by Tech Mahindra, IndusInd Bank, ICICI Bank, SBI, Reliance Industries, Bharti Airtel and HCL Tech.
Investors misplaced Rs 3.25 lakh crore in Thursday’s session as the full market capitalisation of BSE-listed firms fell to Rs 157.31 lakh crore.
“The market had moved-up in expectation of a big stimulus, but the desired fiscal package was not announced in India and a delay of it in US and Euro has changed the trend. At the same time, the pace of economic recovery is under stress because of a resurgence of high rates of COVID infections…” The margin of security is low given premium costs and slowdown in financial restoration. The pattern going ahead will depend upon the supportive measures introduced in context to stimulus and commentary of Q2 outcomes,” said Vinod Nair, Head of Research at Geojit Financial Services.
All sectoral indices closed lower, with BSE telecom, bankex, energy, finance, teck and IT indices plunging as much as 3.54 per cent.
Broader BSE midcap and smallcap indices nosedived up to 1.75 per cent.
In rest of Asia, bourses in Shanghai, Hong Kong, Tokyo and Seoul ended up to 2 per cent lower.
Stock exchanges in the Europe slumped up to 3 per cent in early deals.
Meanwhile, international oil benchmark Brent crude was trading 2.17 per cent lower at USD 42.38 per barrel.
In the forex market, the rupee pared its initial gains and settled 5 paise lower at 73.36 against the US dollar.