TERRIBLE TUESDAY: Sensex cracks 1200 points, Nifty below 10300

Sensex opens 500 points lower Nifty below 10,600 PC Jeweller surges above 20

The Wall Street indexes also rose due to the advancement in the Asian stocks on Tuesday and also due to the deal between the United States senators regarding the government shutdown.

At 1:07 PM, the BSE Sensex was trading at 34,852, down 215 points, while the Nifty50 index was trading at 10,690, down 70 points. Here is how it all started.

The BSE Sensex dipped below the 34,000-level by plunging around 1200 points in opening trade on Tuesday on heavy losses in metal, realty, capital goods, banking and oil & gas stocks amid a global rout in equity markets.

People are reacting to the fall in the market in front of Bombay Stock Exchange on Friday. Nifty too had lost more than 150 points.

BSE Sensex closes at 342 points that is 0.96% higher; the final closure was at 36,140 points.

The trigger for the sell-off was a sharp rise in United States bond yields following Friday's data that showed U.S. wages increasing at the fastest pace since 2009, raising the alarm about higher inflation and with it potentially higher interest rates. Tata Motors Ltd cracked almost 10% after it reported lower-than-expected earnings due to weak performance by Jaguar Land Rover (JLR).

Major loser were HDFC 3.45 per cent, L&T 2.43 per cent, IndusInd Bank 2.33 per cent, Adani Ports 1.98 per cent and Bajaj-Auto 1.96 per cent.

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Agreeing with Roy, another fund manager from a private fund house said the fall in the market was "anticipated" but this is something which was long overdue and investors must utilize this fall to buy stocks which were expensive.

The heavy profit booking comes after months of surges fuelled by corporate earnings, global outlook and optimism over the United States economy. The benchmark finally ended at 34,195.94, down 561.22 points, or 1.61 per cent.

In domestic markets, caution ahead of RBI monetary policy meeting which begins later in the day and the rupee depreciating by 29 paise to 64.36 against the dollar too dampened the sentiment, brokers said.

Foreign portfolio investors (FPIs) sold shares worth Rs 1,263.57 crore on net basis while domestic institutional investors (DIIs) bought equities to the tune of Rs 1,163.64 crore yesterday, provisional data showed. Both indexes had earlier fallen as much as 3.6 percent.

Japan's Nikkei dropped 4.6 per cent.

The benchmark S&P 500 slumped 4.1 percent and the Dow 4.6 percent, suffering their biggest percentage drops since August 2011 as a long-awaited pullback from record highs deepened.

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