Sensex crashes most in seven years; 4th biggest in history
Nifty is also trading below 8,000-mark in early trade
Mumbai: As stock markets witnessed bloodbath on Monday, Sensex recorded an intra-day fall of 1,153.16 points till noon - making it the biggest crash in about seven years and the fourth biggest ever for the BSE benchmark index. The total investor wealth, measured in terms of collective value of all listed stocks, fell to Rs 99.15 lakh crore this morning down from Rs 102.33 lakh crore at the end of last trading session on Friday.
The investor wealth stood below Rs 100 lakh crore last on June 18, while this milestone was first achieved in November 2014. Sensex opened at 26,359.53 and Nifty is trading below 8,000-mark in early trade on August 24, 2015. Asian markets reeled under fears of a China-led global economic slowdown. Due to the continuous economic slowdown, rupee also slumped to as low as 66.48 per dollar.
India's exports have also narrowed for the eighth straight month by 10.3 per cent in July to USD 23.13 billion. This has widened the trade deficit to USD 12.81 billion. Markets sentiments also dampened over deepening worries on commodity slide amid expectation of imminent Fed rate hike. Beijing stunned the world by devaluing the yuan last week. The total market cap is still nearly double the level of about Rs 50 lakh crore in 2009, while it is still about ten-times of the Rs 10 lakh crore level scaled in 2003.