BSE Sensex tanked 440 points to end at over three-month low

A man looks at the stock’s ticker outside the Bombay Stock Exchange building

With Wednesday's trade, the Indian equity market fell for the seventh straight session, with the Sensex losing 1,270 points, or 3.91 percent during the period.

Indian equities ended lower on Wednesday. It had regained the key 9,900-mark at the outset, but failed to hold on to the crucial level and dipped below the 9800-mark to hit a low of 9,714.40. Meanwhile, the broad based NSE Nifty went down by 135.75 or 1.38% at 9,735.75 with 49 components registering drop. "The Nifty hit nearly a seven-week low", said Jasani.

Meanwhile, the U.S. dollar climbed to a one-month high and bond yields rose on Wednesday as risks grew for a United States interest rate hike in December, while Asian stocks hovered near multi-week lows as tensions in the Korean peninsula remain elevated.

Investors' wealth as measured by market capitalisation of BSE listed companies took a big knock of Rs 1,79,524 crore, which read Rs 1,30,55,056 crore.

"Sentiment was also dampened, when a news agency flashed that there was a firefight and heavy casualties were suffered by the NSCN-Khaplang in Nagaland along the India-Myanmar border, tweeted the Eastern Command", Desai told IANS.

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"The dollar retained modest gains after US Federal Reserve chair Janet Yellen boosted expectations for an interest-rate rise in December and ahead of the US president laying out his tax-reform plan".

Besides, continuous pumping in of funds by domestic institutional investors (DIIs) supported the market.

"Foreign investors have net sold $777 million worth of Indian shares so far this month". They sold almost $2 billion worth of equities in August as stretched valuations and simmering North Korea tensions saw foreign investors pulling out. The S&P BSE banking index dipped by 453.97 points, capital goods index by 377.30 points, and automobile index by 377.01 points.

Top five Sensex gainers were TCS (+0.95%), ITC (+0.55%), Hero MotoCorp (+0.43%), Power Grid (+0.33%) and M&M (+0.18%), while the major losers were Sun Pharma (-2.91%), Adani Ports (-2.15%), HUL (-1.89%), ICICI Bank (-1.61%) and Coal India (-1.15%). Find us on Facebook too!

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