Markets crash; Sensex falls 600 points, Bank Nifty slumps 3%

After a bounce in the Indian equities yesterday, markets have plunged in today’s trade with Nifty trading below the crucial 7,700 mark as the sharp sell-off in the Asian peers continue to spook the investors. Caution continues to envelope ahead of the US jobs data due to be released later today that may dictate the timing of a rate hike by the US Fed.

All sectoral indices are trading in deep red with BSE Bankex and Realty cracking 3% and 4% each.

At 1:55 PM, the Sensex slumped 623 points at 25,142 and the Nifty tumbled 189 points at 7,634. The broader markets are trading dismal in line with the benchmark indices- BSE Midcapa nd Smallcap indices are down 2.5% and 3%. Market breadth remain weak with 1,816 losers and 288 gainers on the BSE.

GLOBAL MARKETS

All Asian equities are trading in red as caution about a US jobs report jostled with signals from the European Central Bank that it is willing to take further steps to shore up the European economy. Japan’s Nikkei, Hong Kong’s Hang Seng and Singapore’s Straits Times has dropped 1.4%. Meanwhile, Wall Street shares ended mixed on Thursday ahead of the US jobs data.

STOCK TRENDS

Total 13 public and private sector banks hit their respective 52-week lows on the Bombay Stock Exchange (BSE) after banking share index, S&P BSE Bankex fell nearly 700 points.

State Bank of India (SBI), ICICI Bank, Bank of India (BOI), Punjab National Bank (PNB), Federal Bank, Indian Overseas Bank (IOB), Punjab & Sind Bank, Allahabad Bank, Canara Bank, Dena Bank, Oriental Bank of Commerce, Vijaya Bank and Syndicate Bank from the public and private sector banks are currently trading at their 52-week lows on the BSE.

Cipla is trading higher by 0.5% otherwise weak market after the pharmaceutical company announced acquisition 100% of generic businesses in US for $550 million.

Lupin has launched generic anti-depressant drug Duloxetine in 40 mg strength in the US market. The stock is up 0.6%.

London based diversified metals and mining major Vedanta Resources ruled out any rethink on its planned shutdown of the Lanjigarh refinery in Odisha.The stock is down 4%.

Financial Technologies (India) falls 1.8% after PTC India Financial Services, one of the founders of the Indian Energy Exchange (IEX), opposed the exchange’s plan to purchase the trading platform technology it relies on from FTIL for Rs.108 crore.

Shares of Amtek Auto has dipped 9% to Rs 28.80, extending its Thursday’s 35% fall on the National Stock Exchange (NSE) after foreign institutional investors (FIIs) sold nearly four million equity shares of the company through open market.