Stock market crashes over worsening geo political situation; Sensex down 1272 points

Mumbai: Concerned over escalation in the conflict between Israel and Lebanon and also nervousness among investors over the valuations, the stock market on Monday crashed as the NSE Sensex fell over 1,272 points or 1.49 percent to close at 84,299.78.

The Nifty of the National Stock Exchange (NSE) also was down over 368 points or 1.41 percent to close at 25,810.85.

The Foreign Institutional Investors (FIIs) had sold equities worth Rs 1209 crore in the cash segment and the Domestic Institutional Investors (DIIs) had bought to the tune of Rs 6887 crore on the the last trading session on Friday, according to data available.

Sources in the trading community also point out that FIIs have been diverting funds towards Chinese market after their government announced new stimulus package to pep up their economy.

According to initial estimates, investors have lost over Rs 3 lakh crore of weath due to today’s crash of over 1272 points.

The stocks that slipped were Auto by 1.91 percent, Realty by 1.80 percent, Bankex by 1.82 percent and Financial Services by 1.40 percent.

The midcap declined 0.28 percent, while the small cap rose by 0.07 percent. In the 30-scrips BSE Sensex, shares of 25 companies declined and ended in red over the previous close while that of five companies advanced as they ended in green.

The losers were Axis Bank by 3.15 per ent to Rs 1232.10, Reliance Industries by 3.09 percent to Rs 2957.95, ICICI Bank by 2.56 percent to Rs 1273, and M&M by 2.03 percent to Rs 3117.50.

The gainers were JSW Steel by 2.86 percent to Rs 1030.45, NTPC by 1.25 percent to Rs 443, Tata Steel by 1.08 percent to Rs 168.30, and Titan by 0.41 percent to Rs 3829.80.