Indian Share slip nearly 1625 points fall, post biggest fall in 6.5 years

MUMBAI, Aug 24 – Indian share slumped nearly 6 percent on Monday, posting their biggest daily falls since January 2009 as steep falls in Chinese equities sparked widespread unrest in global markets.

The rupee also fell, hitting its weakest since early September 2013, and prompting Reserve Bank of India Governor Raghuram Rajan to say he stood ready to deploy foreign exchange reserves to curb volatility in the currency.

The global bearish sentiment led the barometer 30 scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE) to its steepest dive.

The S&P BSE Sensex which opened at 26,730.40 points, closed at 25,741.56 points, down 1,624.51 points or 5.94 percent from its previous close of 27,366.07 points.

Meanwhile, the broder 50 share NSE index lost 5.92 percent, also its biggest fall since Jan. 7 2009. It earlier hit a low of 7,769.40, its lowest since OCT. 17, 2014.

Declines were across the board, with bluechips and NSE heavyweight Reliance tumbling 8.6 percent and Larsen & Toubro falling 6.2 percent.

Mid and small-cap stocks too took a beating, the BSE mid-cap index fell 7.68 percent while the small-cap index ended 8.81 percent lower.

Analysts cited weak global cues eminating from a continuous slide in the Chinese markets, along with concerns over the Indian government’s stand on minimum alternate tax (MAT) as reasons for the sharp fall on Monday.

Reply

XML Sitemap

Dividend tax only on dividend income above Rs 10 lakh
Snapdeal’s Kunal Bahl describes what it takes to get into the haloed club
Time to Surf the ECB’s Market Wave
How to get loan you against PPF – A discussion
Richest man: Here is how much Jeff Bezos is worth
Nokia 3, Nokia 5, and Nokia 6 to Soon Join Android 8.0 Oreo Beta Testing
Alibaba vs Tencent: Who will come out on top in the Indian startup race?
Axis Bank limits support for snapdeal’s seller financing programme.
No Preview
Snapchat raised $1.8B in a Series F round; leaked deck reveals revenues
How to Find an Angel Investor
Companies boost green bond offerings on government’s clean-energy push
Alibaba, Ant Financial inject fresh cash into India’s Paytm
BRICS Bank to fund inclusive needs of emerging nations: PM Narendra Modi
How to make money in Real Estate
How to become a Best Real Estate Agent
What Kind Education Do You Need To Become A Billionaire?
Microsoft will stop updating anything older than Internet Explorer 11. But millions are still using the old browsers.
How to get loan you against PPF – A discussion
Google’s Nexus Lineup Offers Better Security Among Android Phones: Cambridge Report
Reliance Jio spending Rs. 1lakh crore on 4G rollout