Click to play videoMumbai: Indian stock markets collapsed on Monday and the BSE Sensex hit a six-month low amid heavy selling pressure in the wake of a meltdown in the Asian markets and record oil and gold prices. In Europe too, the indices are trading down.
The markets saw a rough start to the trading week with all key indices on Dalal Street sinking — the Sensex crashed nearly 1000 points in late trade breaching the 15000 mark while Nifty closed at its lowest since September 2007.
At the end of the day, the markets ended near the lowest point of the day with a sharp cut on account of heavy selling in scrips across sectors.
All sectoral indices closed in red, not a single Sensex and Nifty stock was in green.
Private financial institutions were worst hit as the largest private sector lender ICICI Bank plunged 15 per cent to a year's low at Rs 744.
The broader markets underperformed the benchmark indices and both the midcap and smallcap indices were down over 6 per cent each. NSE advance:decline ratio was at 1:17.
Indian markets were the worst performers in Asia underperforming all Asian peers. The cues from US financial markets were extremely negative with credit crisis from US investment bank Bear Stearns that has taken a toll on global markets.
India has led the downtrend with losses of over 5 per cent followed by Asian peers Hang Seng and Shanghai Composite.
The fall came after the Fed Reserve cut its discount interest rate at an emergency meeting and JPMorgan Chase agreed to buy Bear Stearns for $2 a share.
Last 10 Big Market Crashes
Jan 21, 2008 --- 1,408.35 points
Mar 3, 2008 --- 900.84 points
Jan 22, 2008 --- 875.41 points
Feb 11, 2008 --- 833.98 points
May 18, 2006 --- 826.38 points
Mar 13, 2008 --- 770.63 points
Dec 17, 2007 --- 769.48 points
Oct 17, 2007 --- 717.43 points
Jan 18, 2007 --- 687.82 points
Nov 21, 2007 --- 678.18 points
All BSE sector indices were deep in red. Bankex was top laggard down 9 per cent. Bank of India, Andhra Bank, Kotak Mahindra, Oriental Bank, Allahabad Bank moved downwards.
Realty, metal index were down over 8 per cent and oil & gas index were down over 5 per cent. About 427 shares have advanced, 2580 shares declined, and 48 shares are unchanged. The BSE Midcap Index ended at 6,124.35 down 7 per cent. The BSE Smallcap Index ended at 7,522.23 down 7 per cent.
The BSE Capital Goods Index closed down 6.5 per cent at 12,706.31. Astra Microwave, BEML, Crompton Greave, Thermax, Greaves Cotton, Areva T&D closed lower.
The BSE Auto Index closed at 4,329.46 down 4.6 per cent. Escorts, TVS Motor, Amtek Auto, Cummins, Punj Tractors, MRF closed lower. The BSE Metal Index closed at 13,725.52 down 7.5 per cent. Hind Zinc, Sterlite, NALCO, Shree Precoated, Mah Seamless, Jindal Steel, Jindal Saw, JindalStainless closed lower.
The BSE FMCG Index closed down 3.2 per cent at 2,119.60. Colgate, ITC, Bata India, Godrej Consumer, HUL, GlaxoSmith Con closed lower. BSE Oil and Gas Index closed at 9,801.86 down 5 per cent. GAIL, Reliance Natura, HPCL, RPL,ONGC, Reliance, ONGC ended in red
BSE power index closed at 2,973.68 down 5.6 per cent. Torrent Power, NTPC, Reliance Energy, Tata Power, Power Grid Corp, Crompton Greave ended in red.
The BSE IT Index was down 3.2 per cent at 3,297.71. I-Flex Solution, Patni Computer, Financial Tech, Mphasis, Tech Mahindra, TCS, Infosys closed lower.
The NSE cash turnover was at Rs 12916.74 crore and the NSE F&O turnover was at Rs 40058.11 crore. The BSE cash turnover was Rs 5708.13 crore. Total market wide turnover was at Rs 58682.98 crore.
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