Closing Bell: Bloodbath on D-Street as Sensex plunges over 700 pts; Nifty gives up 10,500

Bears took complete control on D-Street, as benchmark indices shed nearly 2 percent. Weak global cues, reactions to exit polls as well as weak macro data weighed big on Sensex and the Nifty.

The 50-share index ended the session below 10,500.

Selling was visible across all sectors, with maximum pain seen among banks, automobiles, energy, consumption and pharmaceuticals, among others.

At the close of market hours, the Sensex was down 713.53 points or 2.00% at 34959.72, and the Nifty down 205.20 points or 1.92% at 10488.50. The market breadth was negative as 647 shares advanced, against a decline of 1870 shares, while 134 shares were unchanged.

Coal India, Maruti Suzuki, IOC and BPCL were the top gainers, while Kotak Mahindra Bank, Reliance Industries, and Indiabulls Housing lost the most.

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Equities are having a tough day, with the Sensex plummeting over 600 points, while the Nifty traded around 10,500.

The Sensex is down 652.50 points or 1.83% at 35020.75, while the Nifty is down 192.80 points or 1.80% at 10500.90. The market breadth is negative as 546 shares advanced, against a decline of 1832 shares, while 122 shares were unchanged.

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HCL Technologies announced a new five-year contract with multinational life insurance, pensions and asset management company Aegon.

A meeting of the board of directors of the company is scheduled to be held on December 20 to consider issue of bonus shares to theshareholders of the company which, if approved, will be subject to applicable regulatory provisions and the approvals of shareholders andothers as may be required for the same.

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Benchmark indices slipped again in the afternoon trade as Nifty is trading below 10,500 level.

At 13:57 hrs IST, the Sensex is down 647.49 points at 35,025.76, while Nifty is down 195.30 points at 10498.40. About 517 shares have advanced, 1801 shares declined, and 109 shares are unchanged

Kotak Mahindra Bank, Reliance Industries, Asian Paints, Adani Ports and Tata Motors are the top losers on the Sensex.

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Kotak Mahindra Bank shares plunged more than 6 percent intraday Monday after the lender filed writ petition before Bombay High Court to validate its position w.r.t perpetual non-convertible preference shares (PNCPS).

At this juncture, there is no such sign which confirms that the pain in the broader market is over. Also, unless we do not see benchmarks settling and confirming a bottoming formation, small and midcaps automatically would not give any returns, Sameet Chavan, Chief Analyst- Technical & Derivatives, Angel Broking, said in an interview with Moneycontrol’s Kshitij Anand. Read the full story here.