Sensex Plummets by 1,272 Points, Investors Lose ₹4 Lakh Crore

Indian equity indices plummeted sharply on Monday as they sank into the red after profit booking at high points. At close, the Sensex tumbled 1,272 points, or 1.49%, to finish at 84,299; the Nifty shed 368 points, or 1.41%, to settle at 25,810.

However, the primary reason for the fall was banks as Nifty Bank index ended at 52,978, 856 points or 1.59% lower.
This gave the market a loss of around Rs 4 lakh crore of market capitalization of all listed companies in the Bombay Stock Exchange (BSE) tallying to Rs 474 lakh crore.

Top performers in the Sensex group were JSW Steel (NS:JSTL), NTPC (NS:NTPC), Tata Steel (NS:TISC), Titan (NS:TITN) and Asian Paints (NS:ASPN). Losers at the end of this list included Reliance (NS:RELI), Axis Bank (NS:AXBK), ICICI Bank (NS:ICBK), Nestle (NS:NEST), Tech Mahindra (NS:TEML) M&M (NS:MAHM), Maruti Suzuki (NS:MRTI), Bajaj Finserv (NS:BJFS), Tata Motors (NS:TAMO), SBI (NS:SBI), Infosys (NS:INFY) and Sun Pharma (NS:SUN).

The Nifty Midcap 100 ended lower by 227 points, or 0.38% at 60,153, while the Nifty Smallcap 100 edged lower by 62 points, or 0.32%, to close at 19,179.

Sectoral indices: Auto, IT, PSU Bank, financial services, pharma, FMCG, realty, energy, private banks and infrastructure sectors ended significantly in red. Only metal and media sectors could close in green.

Nifty has fallen sharply after an almost a halt in the previous trading session as it breaks below the recent consolidation. The fall is accompanied with a significant negative divergence of RSI (14) suggesting further decline," said Rupak De, Senior Technical Analyst, LKP Securities.

Sentiment may remain weak in the near term, with support placed at 25,750. A break below 25,750 could lead to further correction. On the higher side, resistance is seen at 26,000, De added.

FIIs turned net sellers by selling equities worth Rs 1,209 cr on September 27, while DIIs continued buying spree by investing Rs 6,886 cr in equities on the same day.