Sensex plunges over 1000 points, Nifty dives 3.55 per cent lower

Sensex plunges over 1000 points, Nifty dives 3.55 per cent lower

Sensex plunges over 1000 points, Nifty dives 3.55 per cent lower

Meanwhile, the benchmark BSE Sensex cracked below the 35,000-mark by plunging 545.95 points, or 1.55 per cent, to 34,520.80, while the broader NSE Nifty tumbled 173.80 points, or 1.61 per cent to 10,586.80 in the opening trade. In the last three sessions since the Budget was announced, which imposed a 10% tax on annual LTCG of more than Rs 1 lakh, the sensex has lost about 1,200 points (3.3%).

BSE Sensex was down 561.22 points or 1.61 percent at 34,195.94. All these counters have started correcting and the way their short term charts are shaped up, we do not expect any relief soon in the market.

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.

The laggards include Tata Motors, Yes Bank, Axis Bank, SBI, Asian Paints, Tata Steel, Adani Ports, ICICI Bank, IndusInd Bank, HDFC Bank, Maruti Suzuki, L&T and Hero MotoCorp, plunged by up to 7.55 per cent. Nifty too came under intense selling pressure falling 279 points or 2.6% at 10,388 level. Tata Motors fell 10 per cent in opening trade.

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

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Interestingly, the market is abuzz with talks that insurance behemoth LIC has stepped up its buying in select index constituents to help the benchmarks recover from the deep losses of the day. Bank, financial service and metal stocks were losing the most- at more than 1.50 per cent each.

All the 30 Sensex stocks were trading lower. Accordingly, the barometer 30-scrip Sensitive Index (Sensex) on the BSE opened lower by over 1,000 points or 2.90 per cent from Monday's close.

"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". Other than the domestic factor, market players said that the rising global yield is also affecting investor sentiment around the world.

On Monday, the Dow Jones Industrial Average fell almost 1,600 points during the session, its biggest intraday decline in history, on fears quickening inflation may lead to higher rates by the US Federal Reserve.

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