Sensex nosedives 418 pts but manages to hold onto 24,000-level

Stock market today witnessed a deep plunge, tanking around 650 points to crash below the 24,000-level on global growth worries and sharp dip in oil prices before regaining some lost ground to settle 418 points lower at 24,062.04.
Rupee added to the misery as it breached the 68-mark intra-day against the dollar for the first time since September 4, 2013.
The BSE Sensex resumed its downward spiral after taking a day's breather yesterday to hit a fresh 20-month low.
With this, the index has fallen to the weakest level since since May 16, 2014, the day the new government won a landslide mandate in general elections.

Global cues were largely bearish with massive sell-off in European and Asian markets after International Monetary Fund slashed its global growth forecast.
"Expectations of the market going downhill are likely to strengthen as the double whammy impact of oversupply in crude and the concerns in Chinese economy will dampen the investors' preference towards equities," said Vinod Nair Head-Fundamental Research of Geojit BNP Paribas Financial Services.

The 30-share Sensex after opening lower at 24,325.77, continued to slide and cracked the 24,000-mark to hit a low of 23,839.76. However, on fag-end buying, the index managed to close above 24,000-level, still down 417.80 points or 1.71 per cent at 24,062.04.

The gauge had gained 291.47 points in the previous session backed up by value-buying in select blue-chips.
The NSE Nifty after cracking the crucial 7,300-mark, settled 125.80 points or 1.69 per cent down at 7,309.30. Intra-day, it shuttled between 7,241.50 and 7,470.90.
In a quarterly update to its World Economic Outlook yesterday, IMF said the global economy will expand 3.4 per cent in 2016, down from an earlier estimated 3.6 per cent in October. It also trimmed its forecast for growth in 2017 to 3.6 per cent, down from 3.8 per cent three months ago.
Shares of heavyweight Reliance Industries fell by 3.76 per cent to close at Rs 1,004.35 despite posting its highest-ever quarterly net profit of Rs 7,290 crore for the three months period ended December.

Hong Kong and Japan led decline in Asian stocks. In Hong Kong, the Hang Seng index dropped 3.82 per cent. In Japan, the Nikkei 225 Average fell 3.71 per cent and China, Singapore, South Korea and Taiwan fell 1.03-2.98 per cent.
Back home, out of the 30-share Sensex, 18 scrips finished
lower.
Major losers were ICICI Bank 2.44 per cent, RIL 1.73 per cent, M&M 1.17 per cent, Cipla 1.04 per cent, Tata Steel 0.98 per cent, TCS 0.92 per cent, SBI 0.84 per cent, Tata Motors 0.81 per cent, L&T 0.74 per cent and GAIL 0.67 per cent.
Notable gainers were Adani Ports, up by 3.49 per cent, ITC 1.55 per cent, ONGC 1.40 per cent and NTPC 1.00 per cent.

Among BSE sectoral indices, realty dropped 1.42 per cent followed by healthcare 1.39 per cent, energy 0.95 per cent, capital goods 0.75 per cent, industrials 0.68 per cent, Oil&Gas 0.56 per cent, telecom 0.55 per cent and IT 0.52 per cent. However, FMCG rose by 0.19 per cent.
The market breadth remained negative as 1,688 stocks ended lower, 879 closed higher while 180 ruled steady.
The total turnover fell sharply to Rs 2,495.19 crore from Rs 5,195.09 crore yesterday.