Bombay Stock Exchange crash: 177 stocks hit 52-week low, but 42 reach 1-yr high
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Tracking the extremely weak momentum in the broader market, as much as 177 stocks today touched their 52-week low on the Bombay Stock Exchange (BSE).
Meanwhile, the S&P BSE Sensex today crashed 769 points, the most in 4 years, as the Indian rupee plunged to an all-time low amid fears the government may move to a capital-control regime to curb forex volatility and narrow current account deficit (CAD).
The rupee fell below the 62 level for the first time, plummeting to 62.03 against the dollar, after the Reserve Bank of India announced additional steps on Wednesday to restrict foreign-exchange outflows and gold imports.
The 30-share Sensex opened lower at 19,297.11 from the previous close of 19,367.59. It dropped to a low of 18,559.65 and closed at 18598.18, a 769.41 point drop, or 3.97 per cent.
Also, all 13 sectoral indices closed lower, with consumer durable, realty, metal, banking, capital goods leading the fall.
Besides, the Indian stock market edged out of the trillion-dollar league, as the total valuation of all listed companies slipped to USD 985 billion.
The markets were also spooked by expectations that an improving US economy would lead to a flight of foreign capital from the domestic markets.
"The fear (among foreign investors) is that recent RBI measures may bring capital control measures back in a much bigger way. The markets crashed chiefly because of this," said Gautam Sinha Roy, VP-Equities, Motilal Oswal Securities.
- In both India and Pakistan, war and peace are used to make political gains
- PM Modi’s strategy of escalation vis a vis Pak seems like a gamble, but not without calculation.
- Describing soldiers who died in Uri as martyrs does them a disservice
- Claiming Shahabuddin is irrelevant in Nitish Kumar’s Bihar sidesteps the truth
- Deendayal Upadhyaya transformed the Jana Sangh into a cadre party.
- Pakistan and India must get together to isolate the Kashmir issue