Sensex plunges over 1,000 points, Nifty slumps below 25,900 amid sell-off across most sectors; metals buck trend

Share Market News, Market Crash: Share Market News, Market Crash: Domestic equity benchmarks suffered sharp losses on Monday, September 30, amid a market-wide sell-off on Dalal Street. Sensex fell as much as 1,041.5 points, or 1.2 per cent, to hit 84,530.3 and the Nifty50 slumped to as low as 25,882.3, down 296.7 points from its previous close. The sell-off brought both main indices around 1.5 per cent below their all-time highs registered last Friday. 

At 11:50 am, the 30-scrip index was down 990.1 points, or 1.2 per cent, at 84,581.7 while Nifty50 was at 25,899.6, down 279.4 points, or 1.1 per cent, for the day. 

Hero MotoCorp was the worst hit in the 50-blue-chip basket, trading 3.9 per cent lower. Among other top Nifty losers were Trent, Mahindra & Mahindra, Reliance, BEL, ICICI Bank, Bajaj Auto, and Axis Bank, trading up to 2.8 per cent lower.

On the other hand, JSW Steel, Hindalco, and Tata Steel, trading between 1.5 per cent and 2.5 per cent higher, rose the most among the 15 gainers in the basket.

Reliance, ICICI Bank, HDFC Bank, and Infosys were the biggest contributors to the losses in both market benchmarks.

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Barring the metal index, nearly all sectoral gauges suffered steep losses with Nifty Bank falling as much as 1.4 per cent to 53,075.1. With that, the banking index retreated about 2.5 per cent from an all-time high logged last week. Up 1.6 per cent at midday, Nifty Metal climbed up as much as 2.0 per cent during the session driven by JSW Steel, Tata Steel, and Hindalco.

Midcap and smallcap stocks also bore the brunt of the overall market weakness, reflected in a fall of as much as 0.8-0.9 per cent in the Nifty Midcap 100 and Nifty Smallcap 100 indices.

Overall market breadth favoured the bears, with an advance-decline ratio of 7:10 recorded at noon as 1,588 stocks rose while 2,298 fell on BSE. 

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Global Markets

Equities around the globe staged mixed moves as investors weighed rising tensions in the Middle East against additional policy measures in China and a new Prime Minister in Japan. MSCI's broadest index of Asia Pacific shares outside Japan was up 0.4 per cent at the last count, while Japan's Nikkei 225 was down 5.0 per cent and China's Shanghai Composite was up 6.7 per cent. 

Dow Jones futures were down 0.2 per cent in Asian trade.

Many analysts voiced concerns about Japan's new prime minister learning towards normalising interest rates.

With inputs from agencies

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