Sensex Falls Over 2,300 Points, Nifty Loses 700 Points: Midday Market Update
At 12:09 p.m., Nifty was down 2.85% at 24,013.35, while was 2.92% lower at 78,613.50.
India's benchmark equity indices saw their worst since election day with both the Nifty and Sensex erasing all their gains from this month, tracking the fall in other Asian indices.
Globally, the markets fell in the wake of unwinding in yen carry trades and on fears on US recession after weaker than expected jobs data for July.
At 12:09 p.m., the NSE Nifty 50 was down 2.85% or 704.35 points at 24,013.35, while the S&P BSE Sensex was 2.92% or 2,368.45 points lower at 78,613.50.
Intraday, Nifty hit lowest since June 27 and Sensex hit the lowest since June 26. Japan's indices Nikkei and Topix traded 12% lower.
India bull market will remain intact, according to Pankaj Murarka, founder of Renaissance Investment Manager. A bull market correction is very sharp and quick and can be anywhere near 10-15%, he said.
The Nifty can fall to 22,500 level but despite that it will still remain a bull market, he said. Murarka expects a sectoral rotation.
Only five Nifty stocks traded higher including Hindustan Unilever Ltd., Britannia Industries Ltd., Nestle India Ltd., Tata Consumer Products Ltd., and Sun Pharmaceutical Industries Ltd.
Shares of Oil & Natural Gas Corp., Tata Motors Ltd., Adani Ports and Special Economic Zone Ltd., Tata Steel Ltd., and Hindalco Industries Ltd were dragging the index.
On NSE most sectoral indices traded lower with Nifty FMCG losing the least.
Broader indices underperformed; the BSE Midcap was 3.8% lower and BSE Smallcap was 4.14% down.
All 20 sectoral indices fell on BSE, with metal and realty losing the most.
The market breadth was skewed in the favour of sellers. Around 3,397 stocks declined, 546 rose, and 112 remained unchanged on the BSE.
