Sensex plunges over 600 pts; Nifty down at 11,334

Markets witnessed a sharp sell-off today. The domestic equity benchmark Sensex plunged over 600 points today tracking a massive selloff in global equities. Today, Indian indices were under pressure from the start of the day due to weak global cues.

The 30-share BSE index closed 633.76 points or 1.63 per cent lower at 38,357.18; while the NSE Nifty crashed 193.60 points or 1.68 per cent to 11,333.85. For the entire week Sensex and Nifty corrected by 2.8 per cent and 2.7 per cent respectively due to correction in the global market and change in the margin and trading rules by SEBI.

Nifty Midcap 100 (down 1.67%) corrected in line with Nifty. Nifty Smallcap 100 also corrected by 1.16 per cent but managed to outperform Nifty 50. All the major sector indices closed in the red. Only one stock in Nifty managed to close in green are Maruti Suzuki (1.76 per cent). Top losers of the Nifty were Tata Steel (3.99 per cent), Axis Bank (3.83 per cent), Adani Ports (3.55 per cent) and JSW Steel (3.37 per cent).

Stock exchanges on Wall Street ended with heavy losses in overnight sessions led by the carnage in technology stocks with Apple shares plunging around eight per cent. The bourses in Shanghai, Hong Kong, Tokyo and Seoul were trading with over one per cent losses in mid-session deals.

Overall, profit booking was witnessed this week as Nifty was unable to sustain above the 11,750-11,800 zone. Going forward, we could witness volatile trading sessions, with crucial support for Nifty seen around 11,000-11200 zone. The coming week's market movement will depend on economic recovery and development in the global market.