Market Wrap: Sensex, Nifty end with deep cuts on all-round selloff; investors lose over ₹3 lakh crore in a day
Fitch Ratings downgrade: Could a cut in US rating mean higher inflows to India, other EMs? Read more: Explained: What is a rating downgrade? And six key reasons why Fitch Ratings downgraded US Sensex opened 350 points lower at 66,064.41 against the previous close of 66,459.31 and plunged about 1028 points to hit the intraday low of 65,431.68. The index closed with a loss of 677 points, or 1.02 per cent, at 65,782.78 while the Nifty ended at 19,526.55, down 207 points, or 1.05 per cent.
HDFC Bank was the top drag on the Sensex index, followed by Reliance Industries, ICICI Bank and SBI. In the 30-share pack Sensex, only four stocks - Nestle (up 1.15 per cent), Hindustan Unilever (up 0.75 per cent), Asian Paints (up 0.64 per cent) and Tech Mahindra (up 0.35 per cent) - managed to end in the green.
Mid and smallcaps underperformed the benchmark. The BSE Midcap index fell 1.39 per cent and the Smallcap index declined 1.18 per cent.
The overall market capitalisation of the firms listed on BSE fell to ₹303.3 lakh crore from ₹306.8 lakh crore in the previous session, making investors poorer by ₹3.5 lakh crore in a single day. (More to come)Get the best recommendations on Stocks, Mutual Funds and more based on your Risk profile!
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