Stock Market Crash: Sensex Dives 901 Points; Nifty Closes Around 18,850. M&M Sinks 4 Per Cent

Stock update: On the 30-share Sensex platform, M&M, Bajaj Finance, Asian Paints, Nestle, JSW Steel, Bajaj Finance, Titan emerged prime losers

The two key equity benchmarks, Sensex and Nifty, on Thursday tumbled for a sixth straight session to their lowest levels in four months on weak cues. The BSE Sensex plunged 901 points to 63,148. On the other hand, the NSE Nifty50 settled at 18,857, down 265 points.

On the 30-share Sensex platform, M&M, Bajaj Finance, Asian Paints, Nestle, JSW Steel, Bajaj Finance, Titan emerged prime losers. M&M has been the main laggard, went down 4 per cent. On the flip side, Axis Bank, NTPC, HCL Tech, and IndusInd Bank were the only four gainers on Thursday. Among specific stock, Sonata Software went up 3 per cent following its Q2 results and the company also announced a 1:1 bonus issue for investors.

Performance of Broader Markets

In the broader markets, the BSE Midcap index went down 1.5 per cent, while the Smallcap index dropped 0.3 per cent.           

Sectoral Indices  

Sectorally, except power, all other indices settled in the red. Nifty Realty declined 2.4 per cent, while Nifty PSBs, Nifty Auto, Nifty Metals logged 1 per cent loss.

In the previous session on Wednesday, the S&P BSE Sensex tanked 523 points to end at 64,049, while the NSE Nifty50 closed at 19,122, down 160 points.

In Asian markets, Seoul, Tokyo, and Hong Kong settled lower, while Shanghai ended in the green. European markets were trading with significant losses, while the US markets ended in negative territory on Wednesday.

Global oil benchmark Brent crude declined 0.65 per cent to $89.54 a barrel.

Foreign Institutional Investors (FIIs) offloaded equities worth Rs 4,236.60 crore on Wednesday, according to exchange data.

Rupee Falls 6 Paise To Close At 83.23 Against US Dollar

Meanwhile, the Indian rupee continued its slide for the third consecutive session to close 6 paise lower at 83.23 (provisional) against the US dollar on Thursday. The rupee was dragged down by massive selling in equity markets and strengthening Us currency overseas. Withdrawal of foreign funds and elevated crude oil prices touching $90 a barrel also weighed on the domestic currency, forex traders said.

At the interbank foreign exchange market, the local unit opened weak at 83.19 and traded between the peak of 83.18 and the lowest level of 83.24 against the greenback. It finally settled at 83.23 (provisional) against the dollar, registering a loss of 6 paise from its previous close. This is the third straight fall for the Indian currency. It dropped 4 paise on Monday, followed by a dip of 1 paisa on Wednesday when it settled at 83.17.