Indian Markets witness second biggest fall since October 2011 - LuvKush Finserve

Markets witnessed their second biggest fall in absolute terms since October 2011 with the S&P BSE Sensex slipping over 700 points in intra-day trades and finally settling 651 points lower at 18,234 levels, while the Nifty slumped 209 points to end at 5,341.

On August 16 this year, the benchmark index had tanked 769 points. The rupee slid a little closer on Tuesday to a record low struck against the dollar last week, as investors remained doubtful whether the government would act decisively to restore confidence in the economy. The rupee had opened at 66.30 to a dollar and fell nearly 3% to 68.10 in the intra-day deals. Crude oil prices also strengthened to $115-a-barrel mark.

Banking, oil & gas and consumer durable stocks were amongst the worst hit in trading session. The S&P BSE banking index, Bankex, slipped a massive 5%, or 527 points, in the intra-day deals to settle at 9,871. Axis Bank was the top loser from the banking space and hit its 52-week low. Federal Bank, Andhra Bank, Punjab National Bank, IDBI Bank and Corporation Bank from banking sector have hit 52-week low. The broader markets also ended on a weak note.

Source : Equity Bulls

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