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Sensex loses over 1,000 pts; here are 15 top single-day falls –

The market started off the week on a negative note, with the benchmark indices falling 3.4 percent on May 18 as the details of the Rs 20-lakh-crore economic package disappointed Dalal Street and accelerating coronavirus infections fuelled added to concerns.

Selling was across the board, barring IT and pharma. The Nifty Bank, Auto, Metal, Infra and Real Estate indices were down 4-7 percent, while the Smallcap and Midcap fell 3-4 percent.

The BSE Sensex witnessed the 13th biggest single-day fall on May 18, plunging 1,068.75 points or 3.44 percent to close at 30,028.98, while the Nifty50 tumbled 313.60 points or 3.43 percent to 8,823.25 despite positive global cues.

Around Rs 3.65 lakh crore were wiped of investors’ wealth in a single day.

Experts feel the package focussed more on the supply side instead of demand revival, which was the need of the hour given as industries have remained shut for nearly two months.

“With the stimulus package announced by the government, not seen as adequate considering the need of the hour and with infections continuing unabated, the markets ended down by around 3.4 percent,” Vinod Nair, Head of Research at Geojit Financial Services told Moneycontrol.

“Most measures may be seen as a long term positive and markets were more worried about the immediate impact of these measures. With concerns about rising NPAs, financials were most affected. Uncertainty is likely to continue impacting the market performance,” he said.

Here are last 15 biggest single-day fall of the Sensex:

On the technical front, the Nifty50 and the Bank Nifty formed Bearish Belt Hold pattern on daily charts, indicating complete dominance of the bears.

“The Nifty50 gave a breakdown from Head & Shoulder pattern on intraday scale and fell on the chin. It is making Lower Highs – Lower Lows from three consecutive sessions and sustaining below 20 DEMA. Momentum oscillator RSI also turned southward on both daily and weekly chart, which is a negative sign for the index,” Chandan Taparia, Vice President | Analyst-Derivatives at Motilal Oswal Financial Services told Moneycontrol.

Till the Nifty holds below 9,050, selling pressure would continue towards the 8,500-8,350 zone. “On the flipside, resistances are shifting lower to 9,150 and major at 9,450 zone,” he said.

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