It was another terrible day for the markets, with trading halted for 45-minutes, after the Nifty fell more than 10%. A circuit filter is applied, which means trading is frozen for 45 minutes, when an index falls or gains more than 10%.
It was the first time in 12 years, that there was a circuit filter that was applied.
Overnight, the US markets saw a collateral damage in the stocks with the Dow Jones Industrial Average dropping 10 per cent, something most investors would not have seen previously.
Asian markets were again trading with deep cuts, with the Japanese Nikkei down almost 9 per cent, while the Hong Kong's Hang Sang was down almost 6 per cent in trade. The Nifty dived below the 9,000 points mark and the Sensex was fast approaching the 30,000 points mark.
Heavyweights, which have in the past remained resilient to falls like HDFC Bank, have also succumbed to selling and some of these stocks are heavily owned by Foreign Portfolio Investors. Reliance Industries too has now fallen to a new 52-week loan, as worries mount on whether the deal with Saudi Aramco for a stake in the petchem business would go through, given falling crude prices.
Kotak Mahindra Bank fell a staggering 20%, while TCS too fell a huge 14 per cent, something that we have not seen.