Published: Thu, February 08, 2018
Markets | By Noel Gibbs

Investors poorer by Rs 2.7 lakh crore in one day

Investors poorer by Rs 2.7 lakh crore in one day

The BSE Sensex cracked below the 34,000-mark by plunging about 1,275 points or 3.6 per cent in opening trade today mainly due to sell-off in world markets.

The overall market breadth was firmly in favor of decline, with 2,223 shares closing lower against 529 advances.

However, value-buying emerged at several counters during the late trading session.

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The BSE Sensex was down by 561.22 points at 34,195.94 and NSE Nifty by 168.20 points at 10,498.30. The broader NSE Nifty too ended at a fresh life-time high of 10,230.85 points, showing gains of 63.40 points, or 0.62 per cent, in its record setting spree for the second session. The Dow Jones Industrial Average recorded its biggest single session fall in almost seven years on Monday, losing 4.6%, or 1175 points. On the BSE, 1,753 stocks declined, while 1,027 advanced and 196 remained unchanged.

The BSE consumer durables index was another major gainer with the index rising 157 points to 20,895 level.

Interestingly, the market breadth was strong as numerous mid-cap and small-cap stocks gained ground after the recent sell-off. The crack was obvious in the SGX Nifty in early trades after the Dow fell by more than 1000 points on Monday and the Nikkei fell as much as 7 per cent during trades.

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The start of quantitative tightening by the US Fed, fear of inflation firming up and hardening bond yields led to an increase in US VIX and sent the US market spiralling down in the last half hour of trade with the futures down sharply post market hours. "Anxiety about RBI policy and global market movement may influence investors to stay sideline".

"As long as the risk-off phase continues, we can expect USD/INR to head higher". "The tone of the policy was not as hawkish as expected, given the comment that the nascent recovery needs to be carefully nurtured", says Aditi Nayar, principal economist with rating agency ICRA says.

The bank monetary policies around the world depend on Thursday's meeting of the European Central Bank. Among rate sensitive scrips, Punjab National Bank, HDFC Bank, Yes Bank, IndusInd Bank and Axis Bank fell up to 1.22 percent.

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The mid-cap company has equity capital of Rs 13.22 crore. "The fall has been sharper than rise", said Gandhi.

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