Bloodbath on D-Street: Sensex slips 1,200 points; investors lose Rs 4 lakh crore

Benchmark stock market indices ended Monday’s trading session sharply lower amid profit booking by investors in heavyweight sectors such as information technology (IT) and financials.
A sharp decline of over 3% in blue-chip Reliance Industries Limited (RIL) also contributed to the bloodbath on Dalal Street.
The S&P BSE Sensex fell 1,272.07 points to 84,299.78 at the closing bell, while the NSE Nifty50 settled 361.65 points lower at 25,810.85.
It may be noted that the combined market capitalisation of BSE-listed companies declined by more than Rs 4 lakh crore.
All the other broader market indices fell sharply during today’s trading session as volatility spiked sharply.
Banking, financial and IT stocks were the biggest losers, while metal stocks gained.
The top five gainers on the Nifty50 were JSW Steel, NTPC, Hindalco, Britannia and Tata Steel.
On the other hand, the top losers were Hero MotoCorp, Axis Bank, Trent, Reliance and BEL.
Vinod Nair, Head of Research, Geojit Financial Services, said, “Global markets turned topsy turvy under the threat of rising geopolitical risk in the Middle-East and plausible increase in Yen interest rate which can reduce cross country investments in equity.”
“On the contrary, the Chinese market had a resurgence due to a large stimulus package and cheap valuation. India also weakend under the global pressure and premium valuation while metals are expected to outperform in the near-term,” he noted.
“Going ahead the domestic focus will be on the upcoming Q2 results where earnings growth is expected to revert after the dull Q1.”