Sensex, Nifty bleed owing to China crash and Greece fear

RSTV Bureau

market_shareSensex crashed nearly 500 points on Wednesday during the intra-day trade owing to large scale selling across the board. The sharp fall was because of the bleeding Chinese equity market that led to a rout across Asian markets and the lurking fear of the Greece crisis spiralling out of control.

Sensex continued its slide through Wednesday morning and tumbled by 504.63 points or 1.79 per cent till it breached the 28,000 mark to reach 27,667.06 points during mid-session. Metal, auto and bank shares bled the most, falling up to 4.14 per cent. Sensex finally closed at 27,687.72, almost 484 points down.

One of the biggest losers was Vedanta falling by about 8.83 per cent. Other major losers this morning were, Hindalco, Tata Steel, BHEL, HDFC, GAIL, Infosys and Coal India.

Nifty too breached the 8,400-mark by falling 162.65 points or 1.91 per cent to 8,348.15 during the day. Nifty finally closed at 8363.05 about 148 points down.

Shanghai stock exchange crashed nearly 8 per cent despite additional measures were announced by the government to prop up the tumbling market.

Shanghai drove down the other Asian markets which tumbled to an 18-month low. Japan’s Nikkei tumbled 3.14 per cent, Hong Kong’s Hang Seng plunged 5.97 per cent and Shanghai Composite index was down almost 6 per cent after a fall of over 8 per cent in early trade.

The rupee too became weaker and depreciated by 17 paise to Rs 63.63 (intra-session) against the dollar. This too dampened trading sentiments, said stock brokers.

On the other hand, the rout in Asian markets, including China, boosted the dollar and reduced the appeal of gold, bringing its price down below the 26,000 mark.

(With inputs from PTI)