It was a Manic Monday on D-Street! The bears took control from the word go and the selling only got extended as the session progressed.
Unimpressed by the stimulus package from the government, investors dumped financials along with auto and real-estate stocks.
Investors lost by Rs 3 lakh crore in terms of market capitalisation on the BSE. The average market capitalisation of the BSE-listed companies dropped from Rs 122.66 lakh crore on May 15 to Rs 119 lakh crore as May 18.
The S&P BSE Sensex plunged more than 1,000 points while the Nifty50 slipped below 8,850 .
From a technical point of view, the Nifty recorded a breakdown on the daily charts, which suggests that pressure could remain in the near term.
“Most measures may be seen as a long-term positive and markets were more worried about the immediate impact of these measures. With concerns about rising NPAs, financials were most affected. Uncertainty is likely to continue impacting market performance.”
Let’s look at the final tally on D-Street: the Sensex plunged 1,068 points to 30,028 while the Nifty50 fell 313 points to close at 8,823.
Sectorally, selling pressure was visible in banks, finance, auto, realty, public sector, and capital goods stocks while some buying was seen in IT stocks.
On the broader markets front, the S&P BSE Midcap index was down 3.8 percent while the S&P BSE Smallcap index plunged 2.9 percent.
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