Stocks

Sensex plunges 244 points on first trading day of 2018

BL Internet Desk Chennai | Updated on January 08, 2018 Published on January 01, 2018

sensex

BSE index posts biggest single-day fall in past one month; Nifty hits 10,423

The benchmark BSE Sensex today dropped by 244 points, its biggest single-day fall in the past one month, to close below the key 34,000-mark on the first trading day of 2018 after a late sell-off in auto, banking and IT stocks.

The benchmark index touched a low of 33,766.15 before settling down 244.08 points, or 0.72 per cent, at 33,812.75. This is the biggest single-day fall since December 1 when it had lost 316.41 points. The gauge had gained 208.80 points to end at an all-time high of 34,056.83 in the last session of 2017 on Friday.

The 50-share Nifty cracked below the 10,500-mark to hit a low of 10,423.10 before settling 95.15 points, or 0.90 per cent down at 10,435.55.

According to brokers, investors started booking profit at record highs in the absence of cues from global markets that remained closed for the New Year holiday. There was accelerated selling, particularly in the last hour of trading, that dragged the Sensex from record highs.

Among BSE sectoral indices, auto index fell the most by 0.78 per cent, followed by banking 0.75 per cent, TECk 0.65 per cent and IT 0.55 per cent. On the other hand, power index was up 0.79 per cent, followed by capital goods 0.4 per cent, realty 0.36 per cent and consumer durables 0.18 per cent.

Top five Sensex gainers were Wipro (+1.39%), Coal India (+1.31%), Sun Pharma (+0.49%), Axis Bank (+0.44%) and L&T (+0.39%), while the major losers were TCS (-1.69%), IndusInd Bank (-1.45%), HUL (-1.4%), HDFC (-1.35%) and Tata Motors (-1.35%).

Most global markets were shut on Monday. Markets bid 2017 goodbye on a modestly defensive note on Friday, but the year will be best remembered for leaving global investors wealthier. A pick-up in global growth boosted corporate profits and commodities during the year, while tame inflation kept central banks from snatching away the punch bowl of easy monetary policy.

MSCI's world equity index shed 0.12 percent on Friday, leaving it short of an all-time intraday high reached earlier in the session but nonetheless enough to give the index an unparalleled record of gains each month this year.

The Dow Jones Industrial Average fell 118.29 points, or 0.48 percent, to 24,719.22, the S&P 500 lost 13.93 points, or 0.52 percent, to 2,673.61, and the Nasdaq Composite dropped 46.77 points, or 0.67 percent, to 6,903.39.

(With inputs from Agencies)

Published on January 01, 2018
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