Blood bath in the Indian Stock Market

Monday has proved another black day for Indian Stock Market as on Jan 21, 2008. Indian bourses have seen the biggest ever fall in the stock Market history breaking all major supporting levels.

BSE, Sensex, (a pack of 30 companies) that represents of the Bombay Stock Exchange and today fell down to 16,951 points by crushing for 2063 points (10.

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8%) from the previous close breaking the bench mark of 18,000 & 17,000 level.

NSE Nifty, (a pack of 50 leading companies of National Stock Exchange) have touched 4,990.30 with the hefty fall of 714.70 points (12.5 %) breaking the milestone of 5,000-points benchmark.

However, both the market got some recovery from some buying in the market. Sensex today closed on 17605.35 point with the heavy loss of 1408.35 points (7.41%), the biggest loss of the Sensex history. On the other hand, Nifty closed today on 5202.80 point with bulky loss of 496.5 points (8.3%). About 213 shares have advanced, 2746 shares declined, and 22 shares remain unchanged in BSE.

This is fourth consecutive day when stock market closed in the red. The reason behind seems to the gigantic Initial Public Offer offered by Anil Ambani backed Reliance Power Ltd, while Future Group’s IPO Future Capital have also shaved off plenty of money from the stock market by oversubscribing of 27times.

Bloodcurdling Day

Monday was the worst performing day for Indian Stock Market in the Asia. Japan’s Nikkei declined today 3.865%, Hong Kong’s Hang Seng toppled 4.425%, Singapore Straits Times slipped off 3.23 % while South Korea's Seoul Composite tumbled 2.95% today.

But Indian bourses have shown the worst performance. Today Realty, Metal and madcap index were the top losing sectors. BSE realty and metal index were down over 13%, followed by power and oil & gas index was down over 10%. Pharma and auto were down over 7%.

In the heavy weights, ACC, down 18.45%, is the biggest loser in the Sensex, while NTPC slipped 17.55%, Reliance Communications has tumbled 16.4% and Hindalco has lost 14.8%.

Ambuja Cements, BHEL, DLF, Grasim Industries, ICICI Bank, Larsen & Toubro, Reliance Industries, Reliance Energy, State Bank of India and Tata Steel have lost in the range of 10% - 13%.

Nagarjuna Fertilizers, WWIL and Oswal Chemicals were on the top losing stocks in the madcap index with separately loss of 33%, whereas Essar Oil down (30%), Ispat Ind (30%), Bajaj Hind (28%) and Chambal fertilizers & Arvind Mills (26% ) were another biggest losers.

RPL, REL, Bajaj Auto were topped in losing in Nifty index with down 19% while Tata Power down 16%.

Top 10 biggest ever falls in Indian stock market

May 18, 2006: The Sensex recorded a fall of 826 points (6.76 per cent) by closing at 11,391, its biggest ever fall. Heavy selling by FIIs, retail investors and a weakness in global markets were blamed for this crisis.

April 28, 1992: The Sensex marked a fall of 570 points (12.77 per cent) registering the biggest ever fall till date but was the second biggest fall till May 18, 2006. It closed at 3,870 and the defamed securities scam case of Harshad Mehta came in the lime light.

May 17, 2004: Another ‘Black’ Monday. Sensex slipped of 565 points, its third biggest fall ever, to close at 4,505. The reason behind it was blamed to deportation of the NDA government and UPA has formed the government with the coalition of left parties. The Sensex witnessed its second-biggest intra-day fall of 842 points, twice in a day attracting suspension of trading but could able to manage some recovery.

May 15, 2006: The market fell by 463 points to 11,822 points
May 22, 2006: Sensex slumped by 457 points to 10,482
May 19, 2006: Sensex slumped by 453 points to 10,939
April 4, 2000: Sensex slumped by 361 points to 4,691
May 12, 1992: Indian stock markets plunged 334 points to fall to 3,086
May 14, 2004: Sensex lost 330 points to fall to 5,070
May 6, 1992: Losing 327 points, the Sensex fell to 3,561 points