Sensex recoups 622-pt loss, ends 410 pts down; IT stocks worst hit
After an intense selling pressure struck the leading indices in the afternoon session, driving them over 1% down, there was a discernible recovery as investors swooped in to buy equities at reduced prices. Both the Sensex and the Nifty fell for the first time in four days due to negative global market cues and profit-taking. The rise in US bond yields and crude oil prices, as well as the Chinese turmoil, have acted as significant impediments to the global market’s current advance.
The BSE Sensex rebounded from an intra-day low of 59,045 to regain more than half of its losses. It ended the day with a 410-point loss, closing at 59,668. Meanwhile, the Nifty dropped 107 points to 17,749. Only nine equities in the 30-stock index closed higher, headed by Power Grid, NTPC, Sun Pharma, and Titan. The top losers were Bharti Airtel, Tech Mahindra, Bajaj Finance, and Bajaj Finserv.
The broader markets, like the benchmarks, fell in lockstep. The BSE Midcap index dropped 0.71 percent, while the BSE Smallcap index dropped 0.62 percent. As a result, the advance-decline ratio deteriorated.