The Sensex fell by 1,769.08 points and the Nifty50 by 529.45 points during the last four sessions. This is a positive stance and goes well with broad market sentiments. However, if the contract fails to move beyond 10,435, selling pressure can pull the index down to 10,350 and 10,300 levels once again.
Nifty 50 still down 1.2 percent.
The BSE Sensex dropped 1.6% to 34,195.94 and the Nifty 50 Index tumbled 1.6% to 10,498.25 on Tuesday, closing at their lowest level since January 5 and January 3, respectively. As the Sensex sunk by 1,275 points at one stage, amid lingering concerns over the RBI’s monetary policy to be announced Wednesday, an estimated Rs 2.7 lakh crore of wealth was wiped out in the day’s session.
Volatility index India VIX slipped 2.53% at 19.5075.
During the morning trade, 2,353 stocks declined, while 223 advanced and 95 remained unchanged.
“We couldn’t have shifted the Budget’s date”.
It plunged further to 64.40 taking cues from weak domestic equities reacting to global sell-off. The budget proposes to bring back a long-term capital gains tax or LTCG on equity investments, a tax on dividend distribution and also spending steps that will widen the fiscal deficit.
Meanwhile, Finance Secretary Hasmukh Adhia was quoted as saying: “What happened on Feb 2 Feb 5 was mainly because of global shakeup”. Of course there is a ripple effect of whatever happens in the world on Indian stock market. The NSE benchmark index – Nifty – settled 168 points lower at 10,498. But bonds gained as investors sought safe havens.
Vedanta, GAIL, SBI, HINDALCO, Cipla, ONGC were the top NIFTY50gainers, with the rise percentage ranging from 3% to 5%.
USA stocks plunged in highly volatile trading.
A Wall street slump.
BSE Sensex traded lower by 1,274 points to 33,482.81. TOI reported crude oil futures declined by Rs. 19 to Rs. 4,081 per barrel.
Bharti Airtel was trading up by 1.25%, along with scrips such as Tata Steel (up by 0.82%), Dr. Reddy (up by 0.55%), and Larsen Toubro (0.50%) on the Sensex.