Markets Collapse, Indices Fall By 3%

The Indian markets witnessed heavy a sell-off in the mid-session today, after the rupee breached its all time low of Rs 66.07 per dollar. The Nifty crashed by 167 points to 5308 and the Sensex by 530 points to 18033. Both the indices were seen trading lower by more than 3% each.

On the NSE, the advance-decline ratio is on the negative side with 1243 advances and 2070 declines.

Top Nifty Gainers: Sesa Goa is leading the gainer lists so far and is up by 2.6%. It is followed by TCS, Dr.Reddy’s Lab, HCL Tech and Infosys.

Top Nifty Losers: IDFC is leading the losers list so far and is down by 14.3%. It is followed by HDFC, BHEL, HDFC Bank and IndusInd Bank.

All the sectors were trading in the red apart from IT. Bankex was the top loser, trading lower by 546 points. It was followed by Capital Goods and FMCG, which were down by 316 points and 227 points respectively. Mid-caps and small-caps also tumbled in this negative scenario and were lower by 110 points and 70 points respectively.

The scenario is no different on the Asian markets. The Hang Seng was down by 130 points. It was followed by the Nikkei which had shed 93 points. The Straits Times and KOSPI were trading with nominal losses.

Buzzer: From the downturn being seen in banking stocks, it looks like investors are shying away from investing more in the sector. Depreciation in most of the banking stocks is seen to be more than 3%. Losses on some of the big banking names are as follows,

HDFC Bank: 8%, Yes Bank: 8.5%, IndusInd Bank: 7.7%, Axis Bank: 5.2%, Dena Bank: 5%, Kotak Mahindra Bank: 3.8%.

Nifty Futures continued its downward momentum and broke the 5300 level. This is indicative of more pain ahead.