Sensex falls by 642 Points; Rupee falls to 71.97 against US dollar

Indian market suffered heavy losses on September 17, 2019 with Sensex falling by 704 points to 36,419.09 and Nifty slumping below 10,800, giving up all its gains of 2019. The Indian rupee also suffered losses by falling to 71.97 against the US dollar. The S&P BSE Sensex index also fell by 704 points to  36,419.09.

At the day’s close, while Sensex ended up at 36,481, down by 642 points, Nifty ended up 1.7 percent lower at 10,817. The sharp loss comes amidst fears of rising global crude oil prices due to recent drone attacks on Saudi Arabia’s major oil facilities. The selling pressure was visible across sectors such as banking, metal, auto and IT.

Besides this, market volatility India VIX, which is commonly referred to as fear gauge, increased by 7 percent to 15.99.

Nifty slump

The NSE Nifty 50 benchmark dropped by almost 207 points to the day’s lowest level of 10,796.50. With the fall, the National Stock Exchange benchmark index turned negative for the year 2019. This means that all the gains made by the index in 2019 were erased.

Top losers

Banks including HDFC, ICICI, Axis, SBI and IndusInd Bank were among the top losers in the Nifty 50 basket of shares.

Other biggest drags on Sensex included Hero MotoCorp, Reliance Industries, Tata Consultancy Services and Maruti Suzuki.

HDFC Bank, ICICI Bank, Reliance Industries, Axis Bank, Tata Consultancy Services and SBI collectively wiped out over 350 points from the Nifty index.

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