Indian stock markets Nse and Bse crashed in the early morning trades on Wednesday with BSE Sensex losing more than 200 points and NSE Nifty slipping below 10,600-mark on subdued global sentiment with regard to the escalated worries over Italian political crisis. A heavy sell-off was witnessed in the regional Asian peers on Wednesday following the downbeat Wall Street with Japanese Nikkei falling over 1.5% to a six-week low while MSCI’s broadest index of APAC (Asia-Pacific) shares outside Japan was down above 1%.
The S&P BSE Sensex declined 214.13 points to a day’s bottom of 34,735.11 while NSE Nifty lost 69.15 points to a day’s low of 10,564.15 on Wednesday. Heavyweight shares of ICICI Bank, HDFC, RIL, Axis Bank, HDFC Bank, SBI, L&T, Kotak Mahindra Bank and ITC contributed heavily to the Sensex downfall while Hero MotoCorp, Tata Motors, Axis Bank, ICICI Bank, Yes Bank and SBI tripped more than 1% each. All the sectoral indices of NSE traded in red barring Nifty IT index with Nifty Bank, Nifty PSU Bank and Nifty Private Bank index losing the most. Shares of Coal India, Power Grid and M&M were the only notable gainers among the components of BSE Sensex which rose above 2%.
Shares of Radico Khaitan, RCom, Hathaway, Jubilant Foodworks were the top gainers whereas stocks of Dilip Buildcon, Glenmark Pharma, Bharat Electronics, Titagardh Wagons and HCL-Infosystems were the top laggards among the ‘A’ group of BSE.
Earlier yesterday, a heavy rout was observed in US equities. The S&P 500 and the Dow Jones Industrial Average registered their biggest one-day percentage drops in a month on Tuesday as political turmoil in Italy sparked concerns about the stability of the eurozone and shares of US banks tumbled, Reuters said in a report. Italy has been unable to assemble a coalition government since inconclusive elections in March, which saw the rise of anti-establishment parties that support leaving the euro, the report added. The Dow Jones Industrial Average fell 391.64 points or 1.58% to 24,361.45, the S&P 500 lost 31.47 points or 1.16% to 2,689.86 and the Nasdaq Composite dropped 37.26 points or 0.5% to 7,396.59.
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