For Quick Alerts
For Daily Alerts

Freefall In Markets Continue; Poor Monsoon Raises Concerns Over “Acchhe Din”


Shareholder wealth is eroding and eroding really fast. On Tuesday it was the RBI's hawkish tone and today it was worries over Monsoon that dragged the Sensex down.

Freefall In Markets Continue; Poor Monsoon Raises Concerns Over “Acchhe Din”

In two days we have lost 1000 points on the Sensex. After Tuesday's loss of 660 points, the Sensex fell by a another 351 points today.

Gloom was seen all over the markets as analysts were quick to hammer banking stocks. On Tuesday investors lost as much as Rs 2.2 lakh crores, while today's losses were yet to be ascertained.

Rating agency CRISIL cut the country's GDP forecast by a huge 0.5 per cent for 2015-16, citing poor monsoon forecast and its likely impact on the GDP.

Banking stocks were the hardest hit in trade with ICICI Bank and State Bank of India dropping sharply.

Forecast of poor monsoon dragged consumer goods stocks like ITC and Hindustan Unilever lower. Investors worries that lower rural demand could affect the performance of these companies.

ITC, which has the largest weightage on the Sensex fell a huge 5 per cent. Tata Group companies like Tata Motors and Tata Power also came crashing down.

The only stocks that managed to hold some ground were IT stocks like Infosys and TCS from the Nifty.

Carnage was also seen in midcap stocks which fell sharply. BEL, GMR and IFCI all fell by a huge 7 per cent in trade. Unitech fell a huge 36 per cent, while Rpower was down 8 per cent.

Meanwhile, markets across Asia ended the day with losses, while most of Europe was lower in trade.

Read more about: sensex nifty
Company Search
Get Instant News Updates
Notification Settings X
Time Settings
Clear Notification X
Do you want to clear all the notifications from your inbox?
Settings X
We use cookies to ensure that we give you the best experience on our website. This includes cookies from third party social media websites and ad networks. Such third party cookies may track your use on Goodreturns sites for better rendering. Our partners use cookies to ensure we show you advertising that is relevant to you. If you continue without changing your settings, we'll assume that you are happy to receive all cookies on Goodreturns website. However, you can change your cookie settings at any time. Learn more