The Indian markets seemed to be in a hurry to prove the proponents of decoupling wrong yet again. Signifying the extent of market integration, the domestic bourses danced to the global tunes yet again. The US markets had sold off overnight and the Asian markets were reeling under selling pressure-- enough to send our markets hurtling down an abyss of sorts.
The Sensex closed at 15,791, weaker by 434 points and the Nifty ended at 4,714, down 130 points. At its intra-day low of 15725, the benchmark was down almost 10% in this calendar year till date. Not to be left behind, the mid-cap and small-cap indices shed about 3% each.
The rise in initial jobless claims in the US, credit default concerns in
Greece, Portugal and Spain, and a crash in commodity and energy prices took a toll on the global indices. The Dow Jones was precariously perched above the 10k mark at 10,002, weaker by 268 points and the Nasdaq closed lower by 65 points at 2125. The contagion spread across Asia, with the Hang Seng and Nikkei shedding around 3% each. And the European markets have shaved off around 1-2% in early hours of trade.
Bombay Stock Exchange’s Sensex ended the day at 15790.93, down 434.02 points or 2.68 percent. The index fell to touch an intraday low of 15725.43.
National Stock Exchange’s Nifty ended at 4718.65, down 126.70 points or 2.61 per cent. The index fell below the psychological support of 4700 to touch an intraday low of 4692.35.
Amongst the sectoral indices, BSE Realty Index was down 4.36 per cent, BSE Metal Index fell 4.26 per cent and BSE PSU Index slipped 3.52 per cent. Biggest Sensex losers were Hindalco Industries (-5.51%), Tata Steel (-4.65%), ONGC (-4.54%), Jaiprakash Associates (-4.46%) and Mahindra & Mahindra (-3.93%).
Tata Power (0.80%) was the lone index gainer. Market breadth was negative on the BSE with 2368 declines and 487 advances.
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