Bloodbath Continues On Stock Market; Sensex Falls 300 Points

Timken India drops after weak Q3 result

Bloodbath Continues On Stock Market; Sensex Falls 300 Points

Benchmark indices opened the week sharply lower on Monday, with the Sensex falling more than 500 points, tracking weakness across the globe. Nifty Metal, Nifty Auto and Nifty PSU Bank dipped over 4 per cent, while Nifty Bank was down 3 per cent. The sensex closed 310 points lower at 34,757, which is almost a four-week closing low for the benchmark.

At 9:20 am, S&P BSE Sensex was trading at 33,753, down 1003 points, while the broader Nifty50 was ruling at 10,295, down 371 points. On Monday, the U.S. 10-year treasury yield hit a recent high at 2.86% per annum, which led to a selloff in some of the major Asian markets.

The barometer 30-scrip Sensitive Index (Sensex) of the BSE recovered over 700 points from its day's low at 33,482.81 points. Given the global market scenario, foreign funds have started taking money out of India with Monday's net selling figure at Rs 1,264 crore.

Nifty 50 fell 186.50 points or 1.75 percent to 10,480.

Tata Motors shares rose 2% ahead of its December quarter earnings due later today.

The BSE Sensex rose by 200.95 points to close at an all-time high of 32,633.64 as investor optimism climbed following encouraging comments from the International Monetary Fund chief.

Notable gainers were, Bharti Airtl 4.74 per cent, ITC 2.07 per cent, Tata Motors 2.03 per cent and PowerGrid 1.92 per cent.

At 12.08, the indices had pared slightly with Sensex reducing losses to 311 points while Nifty was down by 96 points.

Meanwhile, to soothe investors' nerves, the government said that the sell off in local stocks has been triggered by weak global cues and not by the long term capital gains tax imposed from February 1 onwards. The Sensex crashed by about 1,275 points to sink below the key 34,000-mark while the NSE Nifty plunged 390 points within minutes of opening.

"Investor sentiment showed no signs of improvement after the announcement of a 10 per cent tax on long-term capital gains accrued from equity investments".

Out of 2,044 stocks traded on the NSE, 436 advanced, 1,272declined and 336 remained unchanged today.

"It is very unfortunate that our move came at a very wrong time because of global markets also going down", he said.

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