Sensex falls another 310 pts on domestic, global woes

After the Union Budget on February 1 the 30-share Sensex has plummeted by 1,150 points in two sessions

Carnage on D-Street continued for the second consecutive day in a row which pushed the S&P BSE Sensex by over 1200 points in opening trade on Monday but experts feel it was long overdue as valuations were rich.

The leading USA stock market index on Monday closed down 4.6 per cent at 24,345.75, BBC reported.The fall surpasses a previous record 777.68 points drop on the Dow Jones during the financial crisis in 2008.

Extending its falling streak for the sixth straight session, the 30-share index fell by 1,274.35 points, or 3.66 percent, to 33,482.81 with all sectoral indices led by realty, consumer durables, metal and banking tradings in the negative zone.

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In the broader market, BSE Midcap and the BSE Smallcap indices underperformed to tank over 4 per cent each.

During the six-day losing streak, benchmark Sensex index declined almost 7% or 2,529 points, while the Nifty index slumped over 6.3% or 765 points.

People are reacting to the fall in the market in front of Bombay Stock Exchange on Friday.

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Tata Steel and Bharti Airtel were the gainers on the BSE, while the top losers were Tata Motors, Tata Motors (DVR), Tata Consultancy Services, Hero MotoCorp and Kotak Bank. Nifty too had lost more than 150 points. A fall below 10,200 could stretch the decline towards 10,000 levels which is closer to its 200-DEMA. At 12.26 pm, BSE Sensex was 1011 points down at 33746 while Nifty was 304 points down at 10,362. Following Budget on February 1, even after declaring there is a long-term capital gain tax, the market was okay at end of the day. "We aren't living in an island so there will be ripple effect of what is happening in world on Indian stock markets.Otherwise the sensex & NSE would have come down on 1st day itself", he added.

Interestingly, the market is abuzz with talks that insurance behemoth LIC has stepped up its buying in select index constituents to help the benchmarks recover from the deep losses of the day. Benchmark Nifty fell 0.87% to 10,666.55, while Sensex closed 309.59 points today.

The spike in VIX comes amid global market rout, with Wall Street posting its biggest decline since 2011.

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