54 stocks on BSE hit lower circuit as Sensex, Nifty plunge close to 3%

Mumbai: Investers reacts while watching the stock prices at a screen on the facade of the Bombay Stock Exchange in Mumbai on Monday. The sensex soared on Monday follwing the BJP's victory in the Gujarat and HP Assembly polls. PTI Photo by Shashank Parade (PTI12_18_2017_000140B)

The S&P BSE Sensex suffered a 1275-point drop on Tuesday following a sharp crack on Wall Street. The index witnessed its biggest intraday fall since the year 2015. The benchmark indices including the Nifty and the Sensex cracked close to 3 percent each.

The Nifty50 slipped below 10,400. A fall below 10,200 could stretch the decline towards 10,000 levels which is closer to its 200-DEMA. Sharp fall in global stocks added to D-Street which was already reeling under the pressure of the implementation of long-term capital gains tax (LTCG).

From the BSE Index, 468 stocks hit lower circuit intraday on Tuesday as Rs 4.95 lakh crore of investor's wealth was washed away led by Sensex and Nifty plunging over 2 percent.

The bloodbath was fueled by the sell off in the US market with the Dow plunged nearly 1,600 points. The CBOE Volatility index widely considered the best gauge of fear in the market, hit 37.32, up 115.60 percent.

Vakrangee was the top loser in the Index shedding 10 percent while ION Exchange, Rollatainers, Philips Carbon, IFB Agro, Graphite India, HEG, Aksh Optifibre, DB Realty and Indo Solar tanked 5 percent each, all hitting lower circuit in today's trade.

Agarwal Industrial Corporation, TVS Elect, Godawari Power & Ispat, Ramky Infra and Pincon Spirits were some of the other stocks that hit lower circuit.

The market breadth continued to remain weak, complete control of the bears with 228 stocks advancing while 2381 stocks declined while 103 remained unchanged.