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Sensex Drops, Lowest Level since March

Domestic stock markets have declined significantly today due to decreases in Reliance Industries, ICICI Bank, Infosys, Tata Consultancy Services and IndusInd Bank. The Sensex slumped as much as 576 points to drop below 36,000 and the NSE Nifty 50 index fell as much as 170 points to drop below its significant psychological level of 10,700 to reach an intraday high of 10,670.

Sensex fell 470 points or 1.3 per cent to 36,093. Its lowest level since March 1 and the Nifty 50 index have slumped by 136 points or 1.25% to 10,705, the lowest level since February 19.

All 11 sector gauges compiled by the National Stock Exchange ended up falling below the Nifty Media Index by more than 4 per cent. Nifty Metal, Nifty PSU Bank, Nifty Bank, Nifty Auto, Nifty Pharma and Nifty Private Bank also dropped between 1.5-2.2 per cent each.

Mid-and small-cap shares also experienced sales stress, with Nifty Midcap 100 and Nifty Smallcap 100 falling over 1.5 per cent each.

Selling stress was so intense that 43 of the 50 shares in the Nifty 50 index came up smaller.

In the Sensex share basket, only four of the 30 shares ended up greater. Yes Bank was the biggest winner in the Nifty 50 share basket, the stock dropped by 15 per cent to an intraday high of Rs. 54.

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