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Sensex down 3000 points in 25 days

Sensex down 3000 points in 25 days

Our Indian stock market indices, Nifty and Sensex, stock indices are down 9 percent from their all-time high of January 29 this year. With this over Rs 12 lakh crore of investor wealth are shaved off.

Major reasons for this sell off are - PNB Rs 12,000 crore scam , sustained selling by foreign institutional investors, global factors and valuation issues, proved to be the drag.

The NSE Nifty index plunged 1,017 points to 10,154.20 on March 7 against its all-time peak of 11,171.55 on January 29. Likewise, the 30-share BSE Sensex pulled back over 3,410 points to 33,033.09, from the earlier 36,443.98, during the same period.

Even small and midcap stocks were not left unhurt. The BSE Midcap and Smallcap indices have tanked over 12 per cent and 13 per cent, respectively, from their respective life highs they hit in January 2018.
A sectoral analysis shows that banking, PSUs, capital goods and real estate firms burnt their fingers badly. BSE Bankex, PSU, Capital Goods and Realty crashed up to 13 per cent during January 29 and March 7. Other sectoral indices on the BSE had a fall of 4-9 per cent during the same period. Nifty PSU Bank and Nifty Private Bank slipped over 21 per cent and 10 per cent, respectively.

The correction appears so severe when you figure out that 84 per cent of stocks on the BSE 500 index have eroded investors’ wealth during the period in question. As many as 37 stocks in the index sank over 20 per cent, with stock price of Vakrangee down 64 per cent at Rs 178.15 on March 7, from Rs 487.10 on January 29 when the market hit its all-time peak.

Banking majors, including Punjab National Bank (down 45 per cent), PC Jeweller (42 per cent), Bank of India (38 per cent), Union Bank (30 per cent) and Allahabad Bank (33 per cent), were high on the loss list.

Siti Networks, Shilpa Medicare, Aban Offshore, Titagarh Wagons, Birla Corp and Bank of Maharashtra slipped between 25-30 per cent during the same period.

Stocks that gained included Venky’s India, IDBI Bank, Firstsource Solutions, FDC, Ipca Labs, KEC International, Can Fin Homes and Bajaj Electricals, with a rally of over 75 per cent during the same period.