The market continued to witness selling for the fourth straight session on September 26. It started the new week on a negative note, amid weak global cues and extended the losses as the day progressed. However, despite the intraday recovery, the market finished near the day's low point.
Selling across the sectors, except Information Technology (IT) and the rupee hitting a fresh record low (81.66) dragged the indices to a two-month low with the Nifty falling below 17,000, intraday.
At Close, the Sensex was down 953.70 points or 1.64% at 57,145.22, and the Nifty was down 311 points or 1.79% at 17,016.30.
"The soaring dollar as a result of aggressive monetary tightening, slowing economic growth and rising demand from cautious investors are causing turbulence in the global equity market. This is creating mayhem in the domestic market led by weakening INR, elevated bond yields and pessimistic trends of Asian peers," said Vinod Nair, Head of Research at Geojit Financial Services.
"Only the IT sector, which exhibited the weakest performance in the last 1yr, defied the trend in anticipation that the global recession is mostly factored in the price and are trading at reasonable valuations," he added.
Tata Motors, Adani Ports, Hindalco Industries, Maruti Suzuki and Eicher Motors were among the top losers on the Nifty. Gainers included HCL Technologies, Infosys, Asian Paints, Divis Labs and UltraTech Cement.
Among sectors, the Information Technology index added 0.5 percent, while all other sectoral indices ended in the red with Nifty Bank, Auto, FMCG, Metal and Pharma indices down 1-3 percent.
On the BSE, Auto, Power, Realty, Metal and Oil & Gas indices fell 3-4 percent, while Bank, Capital Goods and FMCG indices shed 2 percent each. However, the Information Technology index ended in the green.
Broader indices underperformed the main indices with the BSE Midcap index falling 2.84 percent and Smallcap indices declining 3.33 percent.
A short build-up was seen in RBL Bank, India Cements and Mahindra & Mahindra Financial Services, while a long build-up was witnessed in Metropolis Healthcare, Mphasis and Infosys.
Among individual stocks, a volume spike of more than 300 percent was seen in RBL Bank, Alkem and JSW Steel.
More than 100 stocks hit 52-week high, including Butterfly Gandhimathi Appliances, PC Jeweller, Westlife Development.
However, Aurobindo Pharma, TCS, Gland Pharma, Infosys, Morepen Laboratories, Mphasis, Persistent Systems, touched their 52-week low on the BSE.
Selling across the sectors, except Information Technology (IT) and the rupee hitting a fresh record low (81.66) dragged the indices to a two-month low with the Nifty falling below 17,000, intraday.
At Close, the Sensex was down 953.70 points or 1.64% at 57,145.22, and the Nifty was down 311 points or 1.79% at 17,016.30.
"The soaring dollar as a result of aggressive monetary tightening, slowing economic growth and rising demand from cautious investors are causing turbulence in the global equity market. This is creating mayhem in the domestic market led by weakening INR, elevated bond yields and pessimistic trends of Asian peers," said Vinod Nair, Head of Research at Geojit Financial Services.
"Only the IT sector, which exhibited the weakest performance in the last 1yr, defied the trend in anticipation that the global recession is mostly factored in the price and are trading at reasonable valuations," he added.
Tata Motors, Adani Ports, Hindalco Industries, Maruti Suzuki and Eicher Motors were among the top losers on the Nifty. Gainers included HCL Technologies, Infosys, Asian Paints, Divis Labs and UltraTech Cement.
Among sectors, the Information Technology index added 0.5 percent, while all other sectoral indices ended in the red with Nifty Bank, Auto, FMCG, Metal and Pharma indices down 1-3 percent.
On the BSE, Auto, Power, Realty, Metal and Oil & Gas indices fell 3-4 percent, while Bank, Capital Goods and FMCG indices shed 2 percent each. However, the Information Technology index ended in the green.
Broader indices underperformed the main indices with the BSE Midcap index falling 2.84 percent and Smallcap indices declining 3.33 percent.
A short build-up was seen in RBL Bank, India Cements and Mahindra & Mahindra Financial Services, while a long build-up was witnessed in Metropolis Healthcare, Mphasis and Infosys.
Among individual stocks, a volume spike of more than 300 percent was seen in RBL Bank, Alkem and JSW Steel.
More than 100 stocks hit 52-week high, including Butterfly Gandhimathi Appliances, PC Jeweller, Westlife Development.
However, Aurobindo Pharma, TCS, Gland Pharma, Infosys, Morepen Laboratories, Mphasis, Persistent Systems, touched their 52-week low on the BSE.
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