Stocks across Asia plunged today after a record-breaking loss on Wall Street, extending a global rout as panicked investors reacted over rising United States borrowing costs and cash in profits after months of market euphoria.
Nifty 50 fell 390 points to 10,276.30 in opening trade. Here is how it all started.
Hit by concerns over certain Budget proposals and a sell-off in global markets, the BSE benchmark Sensex plunged almost 310 points to close at a three-week low of 34,757.16 and the NSE Nifty fell over 94 points to 10,666.55 as investors continued their selling spree on Monday.
At 10:18 am: The key equity indices seem to be continuing their free-fall with Sensex and Nifty again falling sharply.
At 12:22 pm: BSE Sensex is still over 1,000 points down. Nifty too had lost more than 150 points.
Investor caution continued after fear that the RBI may raise interest rates this week to rein in inflation concerns. Tata Motors, Tata Consultancy Services and Kotak Mahindra were the biggest losers.
Market breadth was negative with 1,031 advances against 1,525 declines.
The heavy profit booking comes after months of surges fuelled by corporate earnings, global outlook and optimism over the United States economy.
The rupee depreciated by 16 paise to 64.22 against the United States dollar in early trade at the interbank forex market today owing to sharp losses in equity markets.
The Sensex provisionally closed (at 3.30 p.m.) at 34,195.94 points - down 561.22 points or 1.61 per cent - from its previous close at 34,757.16 points.
Strong selling pressure dragged down all the Sensex and the Nifty components. Among the Asian markets, Nikkei in Japan closed 2.6% lower while in late session FTSE in United Kingdom was down over 1%.
Benchmark indexes in Australia, China, Hong Kong, Japan and Taiwan are down 2-5 percent this morning and Brent crude prices also fell to hover near one-month low while safe-haven assets such as the Japanese yen and gold held steady on safe-haven demand. Australian shares dropped 3.0 percent to their lowest level since October while South Korean shares dropped 2.0 percent.
The Dow Jones Industrial Average plunged 4.6 percent, the S&P 500 plummeted 4.1 percent and the tech-heavy Nasdaq Composite lost 3.8 percent.
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