Sensex & Nifty End With Deep Cuts As Markets End A Jittery Week In Red

In what could be deemed another week to forget, the Indian indices, after a promising start, fell prey to a massive sell-off at Dalal Street.

The Day Of Reds

The Indian indices started the day's proceedings on a positive note, but however the momentum changed and the indices descended into red territories, with an average decline of over 1 per cent across marquee indices.

The BSE Sensex dropped below the landmark 80,000; in addition, the NSE Nifty also dropped below the 25,000 mark.

This decline is largely being attributed to the exodus of foreign institutional investors, or FIIs, from the Indian markets. This is also part of an apparent 'correction' in the markets that have made major gains in the recent past.

In addition, the tranche of global uncertainties is expected to plague the markets for some time to come.

As the day came to an end, the BSE Sensex slumped with marginal losses of 662.87 points, or 0.83 per cent, ending the day at 79,402.29. Similarly, the NSE Nifty dropped in value by 187.60 points or 0.77 per cent, to close at 24,211.80.

Additionally, the Nifty Bank also closed in red. The index closed at 50,858.00, decreasing by 673.15 or 1.31 per cent.

Major Gainers and Losers

Gainers: On the BSE tranche, at the time of writing, major gainers included ITC, Axis Bank, HUL and Sun Pharma.

Losers: Indusind Bank was the biggest loser with losses of a monumental 18.79 per cent. Mahindra and Mahindra and L&T also made losses.

Markets In The Morning

The Sensex began the day at 80,187.34; it hit a high of 80,253.19 points. The Nifty index opened at 24,418.05 before hitting the high of 24,440.25.

Asian Markets

The beam of uncertainty has fallen hard, leaving a deep impression on the Asian markets. Some major indices, a lot like in the case of the Indian markets, closed in red.

Japan's Nikkei closed on a low, declining by 0.60 per cent or 229.37 points, dropping below the 38k mark, closing at 37,913.92.

Another Tokyo-based index, TOPIX, closed at 2,618.32, dropping by 0.65 per cent or 17.25 points. South Korea's KOSPI has a different story to tell as it closed in green with losses of 0.087 per cent or 2.24 points, rising to 2,583.27.

As we move to China, the picture was a lot different, with indices making major gains. The Hang Seng also closed with gains in its numbers, closing with a jump of 0.49 per cent or 100.53 points, at 20,590.15.

Shanghai-based SSE Composite also ended the day's trade in the green. The index rose by 0.59 per cent or 19.44 points of its value and closed at 3,299.70. The CSI 300 saw an increase in its value. The index climbed to 3,956.42, rising by 0.70 per cent or 27.59 points.