The market saw the biggest single day fall in 2015. The Sensex crashed 1,624.51 points or 5.94 percent to 25741.56. The Nifty managed to hold 7800 level after hitting day's low of 7769.40. The index fell 490.95 points or 5.92 percent to 7809. The market breadth was pathetic as about 2477 shares declined against 318 shares advanced on the Bombay Stock Exchange.
Today's carnage wiped out more than Rs 7 lakh crore market capitalisation. Banks, metals, oil and capital goods stocks crumbled today. Vedanta, GAIL, Tata Steel, ONGC, Reliance Industries and Cairn India were the biggest losers, down 9-15 percent. However, only NMDC closed in green on Nifty 50. Deven Choksey of KR Choksey Investment Managers said, "Currently we are more gripped with fear and as a result of which the larger part of the fall is also due to having a fear factor which is prevalent in the minds of the traders.
From economic point of view things are not looking as bad, maybe from the market point of view certainly some position unwinding, some amount of hot money pulling out of the system. Those kinds of situation affect us with the sentiment and prices in the market. However, the best thing to do in this kind of a market situation is to stay calm and wait for the opportunity to come at a respective level," he added. 03:15 pm Panic selling.
The Sensex fell 1,706.31 points or 6.24 percent at 25659.76, and the Nifty was down 509.30 points or 6.14 percent at 7790.65. About 305 shares have advanced, 2485 shares declined, and 54 shares are unchanged on the BSE. 03:10 pm IOC OFS: The offer for sale of Indian Oil Corporation has been subscribed 66 percent so far, reports CNBC-TV18. The issue received bids for 16,01,86,989 shares against issue size of 24,27,95,248 shares. The company intends to sell 10 percent stake in IOC and to garner more than Rs 9,000 crore through this issue. As of June 2015, the government has 68.57 percent stake in company.
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