Market meltdown: Sensex plummets 807 pts to crack 23,000-mark


Mumbai, Feb 11 (DHNS): In a bloody carnage on Dalal Street, market benchmark Sensex plunged by 807.07 points today, its biggest fall in six months, to settle below 23,000-level after 21 months as fears of a global slowdown and disappointing quarterly numbers combined to batter investor sentiment.

Total investor wealth, measured in terms of cumulative market value of all listed stocks, tanked by more than Rs 3 lakh crore.

Following today's fall, the Sensex has come off over 23 per cent from its all-time peak of 30,024 recorded nearly a year ago on March 4 while the total investors' wealth has come down by close to Rs 20 lakh crore since then.

With this domestic equities have entered a 'bear market', which experts define as a fall of 20 per cent from all-time peak.

The BSE Sensex after opening lower at 23,758.46 continued to slide on heavy selling pressure in blue-chips, forcing the index to touch a low of 22,909.12 before settling at 22,951.83 showing a fall of 807.07 points or 3.40 per cent.

This was index's weakest closing since May 12, 2014.
The 50-share NSE Nifty broke 7,000-mark after plunging 239.35 points or 3.32 per cent to 6,976.35.

The fall was so widespread that 28 Sensex stocks closed with losses including Adani Ports, BHEL, Tata Motors, ONGC, M&M, Tata Steel, HDFC, RIL, Axis Bank, GAIL, Maruti, ICICI Bank, HDFC Bank, lupin and ITC falling up to 6.94 per cent.

Only Cipla and Dr Reddy's ended in the green territory.
Among BSE sectoral indices, realty suffered the most at 5.94 per cent followed by power (4.81 pc), PSU (3.90 pc), oils&gas (3.82 pc), metal (3.81 pc), banking (3.81 pc), capital goods (3.57 pc) and auto (3.53 pc).

The broader markets also performed weak with the BSE small-cap index falling 4.64 per cent and mid-cap down 3.27 per cent.

Weak quarterly earnings of key corporates, global economic growth prospects and continued selling pressure by foreign portfolio investors and oil prices tanked again on fears of a deepening economic slowdown, dampened the sentiment.

Country's biggest lender State Bank of India fell by 2.99 per cent to Rs 154.20 after it posted 67 per cent decline in consolidated profit to Rs 1,259.49 crore for the third quarter ended December 31, 2015-16.

Overseas, Asian and European shares declined, as investors weighed a warning from Federal Reserve chair Janet Yellen that global financial market turbulence could hurt US growth.

Hong Kong listed shares plunged 3.85 per cent to a three year low, while European markets were also down in their early trend.

  

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Comment on this article

  • Vincent Rodrigues, Promenade Road,Frazer Town,B'lore

    Fri, Feb 12 2016

    These things do happen when you do not have competent central government to manage these affairs.

    DisAgree Agree [3] Reply Report Abuse

  • Jossey Saldanha, Mumbai

    Fri, Feb 12 2016

    'Writing is on the Wall' and still these Bewakoofs do not UNDERSTAND ...

    DisAgree [1] Agree [5] Reply Report Abuse

  • Abdul Rafiq, UCHILA

    Fri, Feb 12 2016

    Current Central Govt is a bunch of fringe elements. They don't know what is Economics...They knows only Beef ban, Ram Mandir, Communal card, Love Jihad, Ghar wapsi, saffronization of education etc. Country is down falling but PM is busy with photo ups. God save India.....

    DisAgree [1] Agree [2] Reply Report Abuse

  • Evans Christopher Sumitra, UDUPI/NEW YORK,USA.

    Fri, Feb 12 2016

    It is a very bad state of affairs for this market meltdown. What has happened to all the promises made by the ministers and government. With Sensex down 807 points to crack 23,000 mark. It is badly going to effect the working class and the poor as prices will shoot up.

    DisAgree Agree [4] Reply Report Abuse

  • Charles D'Mello, Pangala

    Thu, Feb 11 2016

    If Chaiwala becomes PM, these things happen. Just giving speeches is sufficient. Our past MMS was much more better than these present uneducated thugs.

    DisAgree Agree [6] Reply Report Abuse

  • ca girishkk, m'lore/dxb

    Thu, Feb 11 2016

    Our honorable FM is keep claiming that Hindustan is the only bright spot.., further claims that GDP is growing at &.6% but the reality is quite opposite.
    The NPA & Bad loans in PSU's are hitting all time high..,

    Since May'14 the people of hindustan are only hearing Bhashan's..., Bhashan's & more Bhashan's...!

    DisAgree [1] Agree [25] Reply Report Abuse

  • Santan Mascarenhas, Kinnigoli/Mumbai

    Thu, Feb 11 2016

    Reasons for mayhem at Dalal Street.

    1. Disappointing 3rd quarter results and earning downgrade.
    2. Slump in housing activity, since money has become tight. No money coming from short and long term capital gains.
    3. Uncontrolled rise in bank NPAs, 9 out of 25 PSBs are downgraded by Crisil.
    4. Collateral damage aided by fall in oil prices.
    5. Commentary by Federal Reserve Chairperson Jannet Yellen that it will unlikely to change the course of interest rates.
    6. Expected long term support levels are broken.
    7. FIIs are afraid of falling rupee which is expected to touch 70 soon.

    With this background, early recovery of markets in not anticipated.

    DisAgree Agree [16] Reply Report Abuse

  • J N Lobo, Mumbai

    Thu, Feb 11 2016

    Rs. 70/- per dollar? What happened to the election promise of Rs. 40/- per dollar? Investors lost total 20 Lakh crores within one year! where are the acche din?

    DisAgree Agree [3] Reply Report Abuse

  • A. S. Mathew, U.S.A.

    Thu, Feb 11 2016

    The big lost income for the Railway due to the plunged passenger and freight traffic is a clear indication that the Indian economy is slowing down. Along with that, tight economic conditions are emerging from all directions for India. The foreign currency breathing avenue due to the highly plunged oil price will be turning like a closed economic chapter. The plummeted oil price will be creating less export mainly to the GCC countries.

    DisAgree Agree [2] Reply Report Abuse

  • John, Udupi

    Thu, Feb 11 2016

    Looks bakhts have also crashed with sensex!. When it went up, they said its because of Modiji factor! Now whom they will credit!?, Maybe 65 year ruled congress!

    DisAgree [2] Agree [24] Reply Report Abuse

  • Mohammed, Kundapur/Qatar

    Thu, Feb 11 2016

    I think MODIJI's all Foreign Trips behind this, MODIJI going to Foreign and Ask Foreign Investors to Invest in India, For Each Dollar ( USD ) , an Foreign Investor Can Buy Worth of Rs. 68/- . Might be It's also An Scam Like HARSHAD MEHTA.
    " It's Just My Opinion "

    DisAgree Agree [15] Reply Report Abuse

  • stan, dubai

    Thu, Feb 11 2016

    When Modi promised Indian public that about coruption that hum corruption na karenge na karne denge, desh ka vikas, kala dhan wapas lao.People believed them and thought they will take care of everything and Indian economy will boom. So people started investing money.... Now they knows each and everything was only speech, not promise.... So our stock market plummets to the old level

    DisAgree Agree [20] Reply Report Abuse

  • Valerian D'souza, Udupi / Mumbai

    Thu, Feb 11 2016

    Sensex plunged below 21 months low anticipating global and domestic down trend.
    International crude price is hovering at 25% from its all-time peak of 2014.
    Real estate is crashing day by day.
    ISIS nuisance in middle east coupled with Europe recession is another cause for dampening sentiments.

    DisAgree [1] Agree [13] Reply Report Abuse

  • A. S. Mathew, U.S.A.

    Thu, Feb 11 2016

    In our area, once the oil price went over $ 4.50/gl, now around $ 1.30/gl however the gas stations are empty, less cars in the road.

    The heydays of reckless shopping on credit card of totally unwanted goods is a bygone history in the human psychology of shopping the consumption of consumer items are plunging all over the world, thus we are marching backward and the world economy is slowing down.

    The 2nd phase of the world-wide recession we are going to watch in front of us would be far complicated than the recession of 2008 because of the terrible liquidity crunch crisis.

    DisAgree Agree [13] Reply Report Abuse

  • Evans Christopher Sumitra, UDUPI/NEW YORK,USA.

    Fri, Feb 12 2016

    I fully agree with your views.Thanks Mr. A S Mathew.

    DisAgree Agree [2] Reply Report Abuse

  • A. S. Mathew, hospitality7@hotmail.com

    Thu, Feb 11 2016

    When the over-confident followers of the dream land who are under the false notion that India by herself can swim against the terrible economic current of the world now faced with, will they learn some practical lessons?

    The Indian Railway revenue is getting worse due to the declined freight and passenger traffic. Is the economy of India booming as repeatedly d by Arun Jaitley? But offering 100% ownership option to invest in the Indian Railway, who will dare to throw away their wealth?

    The stock point of the U.S. was almost halved when compared with the booming days.

    The oil price is slowly coming down which will be forcing many leading oil producing nations of the world into the tip of economic bankruptcy their currency value is plunging fast, too fast in Russia and Venezuela.

    The man-made imaginary wealth is being disappeared from the world every day the crashed real estate-stocks-unemployment and commodity price plunging etc have pushed us decades back the plunged commodity price all over the world is adding more economic debility for the world economy to roll back to growth so, in reality we will be forced to start over again from the 70s.

    DisAgree [1] Agree [10] Reply Report Abuse

  • alfria, mumbai

    Thu, Feb 11 2016

    Where are all the Feku's Fake Bhakts. Oh !!! forgot all might be busy counting their loss after share market collapse.

    DisAgree [1] Agree [11] Reply Report Abuse

  • Harish Hegde, Mangalore/Aramco (SA)

    Thu, Feb 11 2016

    Jeevan on behalf of you JAI O MODI ki or ji ...
    Bad days are numbered ahead just watch.

    DisAgree [2] Agree [14] Reply Report Abuse

  • WILSON, Neerude / Dubai

    Thu, Feb 11 2016

    Now our PM & FM will say to the citizens that they or ruling Govt is not responsible for the Sensex fall .It is a effect of Global Warming. Acche Din still yet to come .....

    DisAgree [1] Agree [8] Reply Report Abuse

  • S.M. Nawaz Kukkikatte, Dubai

    Thu, Feb 11 2016


    Where is "Blind Bhakths" ? so called nationalist?

    DisAgree Agree [1] Reply Report Abuse

  • Jossey Saldanha, Mumbai

    Thu, Feb 11 2016

    Arey Fekuram ka khul gaya pol
    Bich bazariya fat gaya dhol
    Ho gaya us ka dhaba gol
    Bol hari bol bol hari bol
    Bol hari bol, bol hari bol
    Jiska kam uski ko saje
    Or kare dhenga baze ...

    DisAgree Agree [4] Reply Report Abuse

  • MASTHAN, DUB

    Thu, Feb 11 2016

    BRING BACK MMS.
    MODI PLEASE RESIGN FOR THE SAKE OF INDIA. AND TAKE UR CM SEAT.

    DisAgree Agree [1] Reply Report Abuse

  • saif, Thodar/Jubail

    Thu, Feb 11 2016

    Don't Expect Ache din...Beg for Beete Din...expect 1 Dollar=100 rupees..we need to carry money with suit case to bring vegetables like Zimbabwe.The reason behind issuing new currency of 5000 Rupees is clear now...carry lakhs in vallet always..

    DisAgree Agree [5] Reply Report Abuse

  • Syed Mohiudin, Iruvail/Riyadh

    Thu, Feb 11 2016

    Prices for the food grains shoot up day by day and the other hand share markets smashes. Importing crud oil for $29/BARREL. What is going on in BJP regime? They know only religious policy and zero in economy growth. The law graduate is holding Finance ministry.

    DisAgree [1] Agree [6] Reply Report Abuse

  • Amith, udupi

    Thu, Feb 11 2016

    GDP is 7.6% as they claim ...market is in gutter.. ..oil price is low ..petrol is high .. service tax is 14% to be raised to 16% in coming days ...railway fare hiked ...rupee is getting raped and has crossed Modi's age long back ..56 inch has become 50 inch as per query .. PM's wife doesnt get a passport and has to file a RTI..only bhakts tail are up ..before they put it between their legs and run ..#Acche Din

    DisAgree [1] Agree [10] Reply Report Abuse

  • ca girishkk, m'lore/dxb

    Thu, Feb 11 2016

    Very interesting & enlightening observations...!!!

    DisAgree Agree [3] Reply Report Abuse

  • Santosh,K, Mangalore

    Thu, Feb 11 2016

    Before Loksabha election New York times said Modi cannot rule India Effectively.

    DisAgree Agree [10] Reply Report Abuse

  • MASTHAN, DUB

    Thu, Feb 11 2016

    MODI SHOULD TAKE TUTION FROM MMS TO STABLE THE ECONOMY

    DisAgree [1] Agree [9] Reply Report Abuse

  • geoffrey, hat hill

    Thu, Feb 11 2016

    No big deal. After all only 2% of our total population involved in this gambling called investing in share market.

    Seasoned gamblers in fact are rejoicing now as they see this as an opportunity to buy. All said and done, the predictions of the paid trade pundits and the so called financial experts never come true. Claims like our economy is insulated from the global economy, Rupee is faring better than other currencies against dollar hold absolutely no water.

    I foresee a big crunch in the real estate sector which would be a blessing in disguise for the real needy.

    DisAgree Agree [1] Reply Report Abuse

  • MASTHAN, DUB

    Thu, Feb 11 2016

    LIKE VARUN GANDHI. ROBERT VADRA GOING TO JOIN BJP TO STABLE THE ECONOMY.

    DisAgree Agree Reply Report Abuse

  • MASTHAN, DUB

    Thu, Feb 11 2016

    AGAIN IF BJP TALKS ABOUT ACCHE DIN.

    THEY MIGHT RECEIVE ROTTEN EGGS AND TOMATOES FROM PUBLIC.

    DOES RAJNATH SINGH DONT HAVE ANY SHAME TO FACE PUBLIC

    DisAgree Agree [1] Reply Report Abuse

  • MASTHAN, DUB

    Thu, Feb 11 2016

    AFTER MODI BECAME PM. FIRST ONE MONTH. EVERYTHING WAS ON MODIS FAVOR.

    ECONOMY WAS GOOD. INTERNATIONAL CRUDE OIL PRICE REDUCED.

    HE EVEN CALLED RAHUL GANDHI, MANMOHAN SINGH A PANVATHI,

    NOW WHO IS BIG PANVATHI

    DisAgree Agree [1] Reply Report Abuse

  • Abdul Rafiq, UCHILA

    Thu, Feb 11 2016

    "MODINOMICS" OR "MODICOMICS"???
    A bunch of fringe elements ruling the country but they don't know what is Economics. Sky rocketing the prices, Weaken rupee value, share market crash are their main achievements since last 20 months. Modi govt fully engaged with Beef ban, Ram Mandir, Uniform civil code, saffronizing the education, Ghar wapsi, Love jihad etc. They are not at all worried about country's downfall. God save India.....

    DisAgree Agree [1] Reply Report Abuse

  • MW, DUBAI

    Thu, Feb 11 2016

    MORAL: ALWAYS ELECT EDUCATED AND HONEST PEOPLE....

    DisAgree Agree [1] Reply Report Abuse

  • MW, DUBAI

    Thu, Feb 11 2016

    BAATA (TALK) ME KAM NAHI AUR GAAN (SINGING) ME DUM NAHI...

    DisAgree Agree [1] Reply Report Abuse

  • Hussain, Abudhabi

    Thu, Feb 11 2016

    Aur bolo Jai Ho Modi :p

    DisAgree Agree [1] Reply Report Abuse

  • MW, DUBAI

    Thu, Feb 11 2016

    NOW ITS EASY TO SEND 15 LAKH RUPEES FROM GULF COUNTRIES...

    DisAgree Agree Reply Report Abuse

  • MW, DUBAI

    Thu, Feb 11 2016

    SHER MARKET IS BAD UNDER FAKE MARKET....

    DisAgree [4] Agree [41] Reply Report Abuse

  • Rohan , Mumbai

    Thu, Feb 11 2016

    Share market means !!..GAMBLING..!! MW...lol

    DisAgree [1] Agree Reply Report Abuse

  • Flavian, Mangaluru/Kuwait

    Thu, Feb 11 2016

    Bachao!

    $ = Rs. 68.-
    KD= " 228.-

    Kya Hogaya????

    Yeh Ache Din?????

    Kuch tho bathaao.

    Hamko bachao.

    DisAgree [4] Agree [40] Reply Report Abuse

  • Rohan , Mumbai

    Thu, Feb 11 2016

    So why NRI are unhappy... Flavian enjoy....lol

    DisAgree [1] Agree [1] Reply Report Abuse

  • Peter, Bangalore

    Thu, Feb 11 2016

    Seriously no foreign trips yet , might be a reason for this !!

    DisAgree [3] Agree [33] Reply Report Abuse

  • Ravi, Kapu

    Thu, Feb 11 2016

    Arun Jaitley must be removed as FM. He knows nothing about Finance.

    DisAgree [3] Agree [49] Reply Report Abuse

  • MW, DUBAI

    Thu, Feb 11 2016

    YES....SRIMAN YEDDY SIR SHOULD BECOME FINANCE MINISTER OF INDIA....

    DisAgree [3] Agree [33] Reply Report Abuse

  • J N Lobo, Mumbai

    Thu, Feb 11 2016

    yes ! Koti Koti namaskar - fit to go to China only to appreciate ladies selling water melons on the road side.

    DisAgree Agree [3] Reply Report Abuse

  • A. S. Mathew, U.S.A.

    Thu, Feb 11 2016

    He is a prosperity preacher and a possibility thinker having no idea about the economic march of the world at present. Arun Jaitley is a true follower of Mr. Modi's economic miracle formula for India.

    In fact, none of the Economist living today has learned in the books, how to solve this world-wide economic crisis which is totally out of hand.

    DisAgree Agree [5] Reply Report Abuse

  • Dylan, Mangalore

    Thu, Feb 11 2016

    Good time to make a SIP investment and beware. But we have catch our FEKU baba (PM). Might get the Rupees fifteen lakhs which Modi said would credit to our bank accounts. If so guys start investing in the market. Beware of the Feku Baba.

    DisAgree [1] Agree [17] Reply Report Abuse

  • R.Bhandarkar, Mangaluru

    Thu, Feb 11 2016

    RaGa rings Manmohanji in the dead of the night and yells..
    "Sirji..Market Gir Rahaa hai..Aap mujhe salaah Dho ki Mein Kyaa Bolun.."
    MM: Kaunsaa 'Market' Bhaai??
    RaGa: Sher Kaa..
    MM: (Mumbling..Raat Ko Kyaa Musibat Yaar!) Sher Gir Rahaa Tho 'Use Chicken Aur Murg Ghost De DhO..Phir Bhi Giraa Tho 10 Litre DHood Dhe Dho..Ab Mujhe Sone Dho...
    Sher Subah Samblegaa..Utegaaaaa...
    RaGa(To Himself)..No wonder economy was good under Manmohanji...
    Must give this statement tomorrow...

    DisAgree [40] Agree [18] Reply Report Abuse

  • alfria, mumbai

    Thu, Feb 11 2016

    Are you sure that RaGa asked this to Manmohanji or was it Feku and Joo-tley who had gone to Mr. Manmohanji house, because as far as I know Joot-Ley and Feku should be the most worried people because the promised the skies to the people.

    DisAgree [1] Agree [48] Reply Report Abuse

  • Ravi C, Mangalore

    Thu, Feb 11 2016

    Absolutely irrelevant.

    DisAgree Agree [1] Reply Report Abuse

  • Jossey Saldanha, Mumbai

    Thu, Feb 11 2016

    Mamu, It is now time for Jokes on FEKU ...

    DisAgree Agree [3] Reply Report Abuse

  • KA D'Silva, Dubai

    Thu, Feb 11 2016

    Bandhu Mam,
    this time not RaGa, I think NaMo will call MMS in middle of night
    "Doctor Doctor our economy is in bad shape even after I spent so much of dollars in foreign trips, but still not recovering ! I will make one more U turn of may previous statements, if you can give me some expert advice, in return you will get next Padma award... "

    At the end Namo need to give long break to our Arun Jaitely and need to bring current RBI governor Mr. Raghuram Govind Rajan as Finance Minister..
    India is economist as FM

    DisAgree Agree [25] Reply Report Abuse

  • Amith, udupi

    Thu, Feb 11 2016

    Acche Din Khagaye

    DisAgree [5] Agree [39] Reply Report Abuse

  • MW, DUBAI

    Thu, Feb 11 2016

    FOREIGN TOUR PE.....

    DisAgree [1] Agree [28] Reply Report Abuse

  • Santosh,K, Mangalore

    Thu, Feb 11 2016

    Rupee became 68.38 in front of US Dollar.

    DisAgree Agree [36] Reply Report Abuse

  • R.Bhandarkar, Mangaluru

    Thu, Feb 11 2016

    Piece of advice to eligible ladies:
    Eligible in the sense'ready to marry'..O.k?
    1.Never marry a stock broker...
    Again piece of advice to Eligible boys who are also 'Ready to Marry'..
    Be careful in any case but never marry a 'Share Analyst ..Expert' .
    Why..You ask aa?
    The 'Moods' are never the same..o.k.? They keep fluctuating with every rise and fall in the market.
    In 'Mayhem' days like these anything may happen..O.k?
    Anything means ..what aa? O.k.
    If your hubby is a stock broker in a day like this he may 'walk backwards and laugh for no reason at all' ..o.k..And if your wife is a 'share expert'..she may suddenly
    sing songs in an alien language..
    and say 'Ra Ra' like Nagavalli of 'Aptha Mithra'..........
    Got it? Something like that.
    Both are scary propositions...Right?

    DisAgree [27] Agree [9] Reply Report Abuse

  • Prakash Shetty, Pune

    Thu, Feb 11 2016

    Whole India meltdown after Modi took over (not BJP)

    DisAgree [9] Agree [71] Reply Report Abuse

  • A. S. Mathew, U.S.A.

    Thu, Feb 11 2016

    The 31% electorate was under some hallucination that Mr. Modi has some magical power to turn around the slowing economy he got from the previous Government.

    DisAgree Agree [8] Reply Report Abuse


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Title: Market meltdown: Sensex plummets 807 pts to crack 23,000-mark



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