Sensex crashes over 1,000 points, Nifty below 15,400 as bears tighten grip; Metal stocks drag

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Sensex crashes over 1,000 points, Nifty below 15,400

Sensex, Nifty News Today: Benchmark indices turned choppy in the afternoon session as Sensex crashed over 1,000 points to slip to trade below 52,000 and Nifty tumbled more than 300 points to trade below 15,400. 

In the opening session, indices rebounded after a four-day decline as the 30-share pack Sensex rallied over 600 points and Nifty sat above 18,850 after jumping 171 points. 

45 of Nifty50 stocks and all the Nifty sectoral indices were seen trading in red at 2:30 PM. The Nifty Metal index was in a free fall as it cracked over 4%. Nifty Bank, Nifty IT and Nifty Auto crashed 2% each.

From the Nifty50 pack, Tata Steel was the top loser, followed by Hindalco, Bharti Airtel, Coal India, Tata Motors and ONGC (all down by over 4%) at 2:30 PM. Only Britannia, Maruti, Asian Paint, Hindustan Unilever and Nestle India were seen trading in green. Index heavyweight Reliance Industries also dragged the market.

From the Sensex pack, barring Maruti and Nestle India, the remaining 28 stocks were the laggards, according to the BSE website at 2:30 PM.

Nifty at 15,000? 

Manoj Dalmia, founder and director, Proficient Equities, said that Nifty has breached major support of 15,500. “NIfty might stay in the range of 15,000 – 15,700 in the coming days. If it weakens further, 14,200 could be possible,” he said.

Ravi Singhal, vice chairman, GCL Securities Limited, said that Nifty is looking weak. “It can test 15,000 soon,” he said.

At the time of writing this report, Dow Jones Futures were showing the weakness of more than 500 points while Nasdaq Futures were seen trading 340 points lower.

Earlier on Wednesday, stock exchanges in the US ended with sharp gains in the overnight session after the benchmark borrowing rate, as anticipated, was hiked by 75 basis points by the Federal Reserve.

In the previous session on Wednesday, Sensex had settled 152.18 points or 0.29 per cent lower at 52,541.39 while Nifty declined by 39.95 points or 0.25 per cent to 15,692.15. Foreign institutional investors (FIIs) were net sellers in the capital market, as they sold shares worth Rs 3,531.15 crore.

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