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  • Sikh extremists attacked a cinema hall in London that was playing Kangana Ranaut's controversial film 'Emergency'
  • A Delhi court directed the investigating agencies to senstize officers to collect nail clippings, fingernail scrappings or finger swab in order to get DNA profile as direct evidence of sexual attack is often not present and might result in an offender going scot free
  • Uniform Civil Code rules cleared by state cabinet, likely to be implemented in the next 10 days
  • Supreme Court reiterates that there is no point in arresting the accused after the chargesheet has been filed and the investigation is complete
  • Kolkata court sentences Sanjoy Roy, the sole accused in the R G Kar rape-murder case, to life term. West Bengal government and CBI to appeal in HC for the death penalty
  • Supreme Court stays criminal defamation case against Rahul Gandhi for his remarks against home minister Amit Shah in Jharkhand during the AICC plenary session
  • Government reviews import basket to align it with the policies of the Trump administration
  • NCLT orders liquidation of GoAir airlines
  • Archery - Indian archers bagged 2 silver in Nimes Archery tournament in France
  • Stocks make impressive gain on Monday - Sensex adds 454 points to 77073 and Nifty 141 points to 23344
  • D Gukesh draws with Fabiano Caruana in the Tata Steel chess tournament in the Netherlands
  • Women's U-19 T20 WC - In a stunning game, debutants Nigeria beat New Zealand by 2 runs
  • Rohit Sharma to play under Ajinkye Rahane in Mumbai's Ranji match against J&K
  • Virat Kohli to play in Delhi's last group Ranji trophy match against Saurashtra. This will be his first Ranji match in 12 years
  • The toll in the Rajouri mystery illness case rose to 17 even as the Centre sent a team to study the situation
Calling the case not 'rarest of rare', a court in Kolkata sentenced Sanjay Roy, the only accused in the R G Kar rape-murder case to life in prison until death
oppn parties
Stock Markets: A Huge Correction

By Linus Garg
First publised on 2023-09-21 03:32:47

About the Author

Sunil Garodia Linus tackles things head-on. He takes sides in his analysis and it fits excellently with our editorial policy. No 'maybe's' and 'allegedly' for him, only things in black and white.

The Indian stock markets crashed on Wednesday. BSE Sensex lost 796 points to end at 66800 and the Nifty 50 shed 232 points to close at 19901. The downslide was reflected in all sub-indices like the small- caps and mid-caps and also in sector-based indices. The biggest loser was HDFC Bank which plunged 3.87%, much more than the fall in the benchmark indices. Although there was no immediate trigger for the fall, rising crude prices have stoked fears of another round of inflation and consequently the view among experts is that RBI will delay cutting key policy rates. This might impact growth in the short term.

The crash on Wednesday reversed an 11-day rally in the markets which was the longest in 16 years and which added 3000 points to the Sensex. During this time, Nifty crossed 20000 for the first time. But finally, traders were spooked by rising oil prices, the weakness of the rupee, the US Fed's hawkish stance going ahead and the selling by foreign funds. Domestic funds also turned net sellers with an outflow of Rs 573cr.  HDFC Bank alone shaved off 482 points from the Sensex. The slide resulted in investors losing as much as Rs 2.9 lakh crore in a single session.

Although this can be seen as a correction which many veteran traders were predicting will happen after a prolonged rally, the domestic and international factors that weighed in on Wednesday will remain for some time. Oil prices are expected to rise further and with the dollar remaining strong, the rupee is likely to slide more. Investors need to exercise caution but there is no need to indulge in panic selling as market fundamentals are strong.

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