Bloodbath on Dalal Street: Sensex tanks 1200 points, Nifty falls 300 points

Timken India drops after weak Q3 result

Massive selling erupted in the Indian equities market on Tuesday morning, as the two key indices - S&P BSE Sensex and NSE Nifty - opened around 3 per cent lower.

The broader Nifty index was down 308 points or 2.89 percent at 10,358, with Asian Paints, UltraTech Cement, SBI, HCL Technologies, Bajaj Finance, Vedanta, Yes Bank, Axis Bank, Indiabulls Housing Finance and Tata Motors losing 4-7 percent.

Wall Street stocks plunged in chaotic trading today, as the Dow's gains for 2018 were erased in a brutal pullback from months of stock market euphoria that had been acclaimed by President Donald Trump.

Similarly, the wider Nifty50 of the National Stock Exchange bounced back over 200 points to close trade at 10,498.25 points - down 168.30 points or 1.58 per cent from its previous close. The BSE Sensex was 976 points down at 33,780 while NSE Nifty was 296 points down at 10,369. 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.

On the other hand, Bharti Airtel (4.66%), Tata Motors (3.68%), Power Grid Corporation Of India (1.95%), ITC (1.53%), Sun Pharmaceutical Industries (1.35%), and Coal India (1.32%) were the biggest gainers in the Sensex.

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The BSE MidCap Index slipped 0.85% and the BSE SmallCap Index fell 1.15%.

At 12.08, the indices had pared slightly with Sensex reducing losses to 311 points while Nifty was down by 96 points. Following Budget on February 1, even after declaring there is a long-term capital gain tax, the market was okay at end of the day.

Agreeing with Roy, another fund manager from a private fund house said the fall in the market was "anticipated" but this is something which was long overdue and investors must utilize this fall to buy stocks which were expensive.

At 2:51 pm: The Indian markets recovered sharply from the opening losses.

In yesterday's closing Sensex plunged almost 310 points to close at a three-week low of 34,757.16 and the NSE Nifty fell over 94 points to 10,667, dragged down concerns over certain budget proposals and sell-offs in global markets.

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