Black Monday on Dalal Street

Mumbai, September 21

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The Sensex dived 812 points while the Nifty closed below the 11,300-mark on Monday, in tandem with a global selloff after a resurgence of coronavirus cases in Europe stoked fears of another round of lockdowns.

Rs4.23 L crore wiped off

• The market cap of all Bombay Stock Exchange-listed firms declined to Rs1,54,76,979.16 crore, wiping off Rs4.23 lakh crore of investor wealth
• All sectoral indices ended in the red, with BSE telecom, realty, metal, auto, healthcare and basic materials cracking up to 5.77%
• IndusInd Bank was the top loser in the Sensex pack, tanking 8.67%, followed by Bharti Airtel, Tata Steel, ICICI Bank, M&M, Maruti, Axis Bank and Bajaj Finance

Denmark, Greece and Spain have imposed fresh restrictions on activities to tackle a surge in Covid infections. Britain too is considering a second nationwide lockdown, prompting investors in Europe to offload travel, consumption and banking stocks. Falling for the third straight session, the 30-share BSE Sensex index ended 811.68 points lower at 38,034.14.

Similarly, the NSE Nifty tumbled 254.40 points to finish at 11,250.55.

Only three index components ended in the green — Kotak Bank, Infosys and TCS, rising up to 0.86%.

The market capitalisation of all BSE-listed companies fell to Rs 1,54,76,979.16 crore, wiping off Rs 4.23 lakh crore of investor wealth.

“Indian benchmark indices succumbed to profit booking in the second half of the trading day and ended more than 2% down. It was in sync with global cues which turned negative following a surge in infections in various countries including in Europe.

“Additional restrictions were being considered in Europe following an increase in infections. With high valuations and worries that earnings may not justify such valuations anytime soon, markets may trade uncertain for the time being. Stay cautious,” said Vinod Nair, Head of Research at Geojit Financial Services. — PTI