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Sensex crashes over 1,000 points in opening trade, investors lose over Rs 3 lakh crores

The broader Nifty slipped below the 10,200-mark by tumbling 281.70 points, or 2.69 per cent, to 10,178.70.

Edited by: India TV Business Desk, Mumbai [ Updated: October 11, 2018 12:34 IST ]
The broader Nifty slipped below the 10,200-mark by tumbling

The broader Nifty slipped below the 10,200-mark by tumbling 281.70 points, or 2.69 per cent, to 10,178.70.

Sensex crashed over 1,000 points in opening trade on Thursday. The 30-share BSE Sensex, which had gained 461.42 points Wednesday, slipped below the 34,000-mark by crashing 1,030.40 points, or 2.95 per cent, to 33,730.49 in the opening trade.

The broader Nifty slipped below the 10,200-mark by tumbling 281.70 points, or 2.69 per cent, to 10,178.70.

Widespread selling pulled down all sectoral indices led by realty, IT, metal and banking, that fell up to 3.66 per cent.

Top laggards include SBI, Tata Steel, Infosys, Axis Bank, Bharti Airtel, Yes Bank, Maruti Suzuki, HUL, TCS, HDFC, ICICI Bank, Adani Ports, Wipro, Tata Motors, ITC, Coal India, Bajaj Auto, L&T, Sun Pharma IndusInd Bank and M&M, dropping up to 3.99 per cent.

On the other hand, investor wealth got eroded by over Rs 3 lakh crore. Investor wealth had soared over Rs 3 lakh crore Wednesday as the stock market made a strong recovery, with the BSE benchmark index surging 461.42 points. 

Meanwhile, the  rupee on Thursday weakened by 24 paise to hit another low of 74.45 against the US dollar on strong demand for the American currency from importers amid unabated foreign fund outflows and a sharp losses in the domestic equity market.

Traders attributed the carnage in domestic bourses to the sell-off in international bourses after US stocks tumbled on heavy correction in tech stocks, fresh concerns over Fed rate hike and looming impact of the US' trade war with the China.

Rising 10-year US treasury bonds, jumping above 3 per cent last week and the International Monetary Fund (IMF) slashing its global growth forecast and weakness in emerging markets, too spooked investors.

Foreign portfolio investors sold shares worth a net of Rs 1,096 crore Wednesday, provisional data showed.

Elsewhere in Asia, Japan's Nikkei plunged 3.41 per cent, Hong Kong's Hang Seng lost 3.53 per cent, Singapore exchange was down 2.64 per cent and the Korean bourse fell 2.28 per cent in late morning deals.

The US Dow Jones Industrial Average slumped 3.15 per cent Wednesday, its biggest fall since February. 

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