Investors poorer by Rs 7 trn as Sensex crashes 1,416pts; Nifty holds 15,800

CLOSING BELL: The Nifty IT index plunged 6 per cent on the NSE today after global brokerage JPMorgan downgraded the sector to "underweight".

CLOSING BELL

Stock market highlights: Global markets roiled on Thursday, a day after Wall Street witnessed its worst one-say sell-off since June 2020. Back home, the S&P BSE Sensex crashed 1,416 points, or 2.6 per cent, to end at 52,792 on the BSE. The index hit an intra-day low of 52,669.5 earlier today.

With this, investors became poorer by Rs 6.75 trillion in a day as market capitalisation of all the companies on the BSE tumbled from Rs 255.77 trillion to Rs 249.02 trillion. 

The NSE Nifty50, on the other hand, closed at 15,809 after it shed 431 points or 2.65 per cent, wiping off over Rs 3.5 trillion in m-cap. In the broader markets, the BSE MidCap index declined 2.6 per cent while the BSE SmallCap index fell 2.3 per cent.

ALSO READ: Six factors underlining bearish sentiment

Sectorally, all the indices drowned in losses. The Nifty IT index plunged 6 per cent on the NSE today after global brokerage JPMorgan downgraded the sector to "underweight". READ MORE

The Nifty Metal and Media indices were the other worst hit sectors as their respective indices sunk 4 per cent each. All other indices fell over 2 per cent each.

MARKET SNAPSHOT: Check Thursday's top gainers and losers 

Global markets

US Stock futures were lower in early morning trading on Thursday after the Dow Jones Industrial Average experienced its biggest one-day drop since 2020. Futures on the Dow Jones Industrial Average fell 469 points, or 1.4 per cent. S&P 500 futures dropped 1.6 per cent, and Nasdaq 100 futures slipped 1.8 per cent.

In Europe, the pan-European Stoxx 600 fell 2 per cent by mid-morning. Among Asian indices, Nikkei fell 2 per cent; Kospi 1.3 per cent; Hang Seng 2.5 per cent; and ASX 200 1.6 per cent. China's Shanghai Composite was the only index in the green, up 0.4 per cent, as it eased Covid-19 related restrictions.

4:13 PM

Technical View: Rupak De, Senior Technical Analyst at LKP Securities

Nifty fell towards the previous swing low on the back of a gap down start. The trend has turned negative as the Nifty fell below 16000. The immediate support is seen at 15671; below 15671 further correction towards 15400 looks possible. On the higher end, resistance is placed at 16000.

4:08 PM

Market view: Vinod Nair, Head of Research at Geojit Financial Services

The recent earnings reported by the US retailers reflected the heat of high retail inflation, resulting in the rout in Wall Street. Persistent offloading by foreign investors along with mounting fears of an economic slowdown wreaked havoc in the domestic market. In this highly volatile market, investors can focus on sectors like FMCG, Pharma, Capital goods and manufacturing whose valuations are moderate and reasonable on a long term basis.

4:03 PM

Closing bell: Over 2,400 stocks declined whereas 845 advanced

4:01 PM

Closing bell: Chennai Petroleum, ITC among stocks that hit 52-week high

3:54 PM

Closing bell: HCL Tech, Wipro, Infosys top Nifty 50 laggards

3:49 PM

Closing bell: ITC, Dr Reddy's, Power Grid only gainers from Nifty 50

3:44 PM

Closing bell: Broader markets subdued; India Vix climbs above 10%

3:40 PM

Closing bell: Nifty IT worst sectoral performer, bleeds below 5%

3:37 PM

Closing bell: Only 2 out 30 Sensex constituents close in positive territory

3:36 PM

Closing bell: All sectors sink in sea of red

3:35 PM

Closing bell: Sensex sheds over 1,400 points

3:34 PM

Closing bell: Nifty 50 slips below 15,850 levels

3:27 PM

JPMorgan downgrades India's IT sector performance as pandemic boom fades

The brokerage expects the slowdown to worsen in 2023 partly due to a potential decline in orders from the key market of United States, where economic growth has started to weaken. READ HERE

3:14 PM

MARKET CHECK: Sensex extends slide by over 1,500 points

3:06 PM

Nava Bharat Ventures zooms 33% in 4 days on robust Q4 results

The company reported robust growth in its operations, backed by solid traction in manganese alloy business in both export and domestic markets. READ MORE HERE