Sensex Crashes Over 1,800 Points In 3 Days; Nifty Barely Holds 17,750: 10 Points

Sensex Crashes Over 1,800 Points In 3 Days; Nifty Barely Holds 17,750: 10 Points
In late deals, the 30-share BSE index tumbled more than 1,000 points to hit an intraday low of 59,068.
  1. Investors have lost Rs 6.56 lakh crore in wealth in a three-day sharp plunge on Dalal Street, with the market capitalisation (m-cap) of BSE-listed companies falling to Rs 273 lakh crore from Monday's Rs 280 lakh crore mark.
  2. "The market (Nifty) may correct till 17,500 after such a sharp run-up in such a short time," Samrat Dasgupta, CEO at Esquire Capital Investment Advisors, told news agency Reuters. Investors would likely stay on the sidelines as the Union Budget 2022 approaches, Mr Dasgupta added.
  3. On the global front, expectations that the U.S. Federal Reserve will move more quickly to hike interest rates to combat inflation hit technology shares particularly hard. The sell-off hit bonds as well, pushing U.S. Treasury yields to two-year highs. Higher yields and interest rate hikes tend to make risky assets like emerging market equities less attractive, leading to outflows of funds from the region.
  4. Back home, mid- and small-cap shares finished on a weak note as Nifty Midcap 100 index fell 0.16 per cent and Nifty Smallcap 100 index edged 0.05 per cent lower.
  5. 13 out of the 15 sector gauges -- compiled by the National Stock Exchange -- settled in red. Nifty IT and Nifty Pharma underperformed the index by diving as much as 1.66 per cent, respectively. Nifty FMCG (Fast-moving consumer goods) also witnessed the selling pressure.
  6. On the stock-specific front, Bajaj Finserv was the top Nifty loser as the stock cracked 4.58 per cent to Rs 17,250. Bajaj Auto, Divi's Lab, Infosys and Tata Consultancy Services were also among the laggards. Bajaj Finserv's net profit for the quarter ended December 2021 (Q3) fell 2.6 per cent to Rs 1,256 crore as compared to Rs 1,290 crore in the year-ago period.
  7. In contrast, PowerGrid, Bharti Airtel, Grasim Industries, JSW Steel and Tata Consumer Products were among the gainers.
  8. The overall market breadth stood slightly positive as 1,745 shares advanced while 1,656 declined on BSE.
  9. On the 30-share BSE platform, Bajaj Finserv, Infosys, TCS, HCL Tech, HUL, Dr Reddy's, Sun Pharma, HDFC, IndusInd Bank and Reliance Industries attracted the most losses with their shares sliding as much as 4.58 per cent.
  10. PowerGrid, Airtel, Asian Paints, Maruti Suzuki India, UltraTech Cements, ICICI Bank and NTPC were among the gainers on BSE.
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