BSE Sensex tanks over 500 points, breaches 37,000 level for first time in over four months

New Delhi: Indian markets fell to its lowest level in over four months on Thursday after the BSE Sensex tanked over 500 points to breach the psychological level of 37,000 for the first time since March 14, 2019. Banking, auto, metal stocks led the fall in markets as Q1 quarterly earnings and weak auto sales number for the month of July disappointed investors. Meanwhile, developments in the global economy also impacted investor sentiments.

As of 12:30 pm, BSE Sensex fell as much as 510 points to an intrday low of 36,973.06 while the Nifty50 index breached below the 11,000 mark to 10,966.75. Corporate earnings reported so far has been discouraging leading to sell-off in equities, say analysts.

UPL Ltd shares fell about 4%, after the fertilizer maker reported a profit that missed analysts’ estimates by a big margin. stocks of IT companies, whose clients are major banks, also fell over concerns of order inflows. Software giant Cognizant Technology Solutions Corp earlier flagged lower spending by major banking clients

Vedanta was the top loser in Nifty, down 4.57% followed by Zee Entertainment, Tata Motors, JSW Steel and Hindalco, which fell between 3.78-4.50%. Metal stocks were hit after copper prices fell to 3-week low following Fed chair’s comment.

The US Federal Reserve Chair Jerome Powell cut benchmark lending rates by 25 basis points but said that this is not the start of a lengthy easing cycle which investors were hoping for. he described the rate cut as “a mid-cycle adjustment to policy”, while markets took it as a sign that sharp further cuts were not imminent. Worth mentioning here is that markets were expecting a prolonged cycle of rate cut from the US Fed.

“Markets were expecting something better from the Fed and that has not happened,” Neeraj Dewan, director at Quantum Securities, told news agency Reuters. Other Asian shares were also down by up to 1%.
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