Amidst economic slowdown, Sensex tanks down by 769 points

Sensex closed 769.88 points, or 2.06 per cent, at 36,562.91 while the broader Nifty settled at 10,797.90 tumbling 225.35 points, or 2.04 per cent

Amidst economic slowdown, Sensex tanks down by 769 points

On Tuesday, the Indian equity market closed in the red amid heavy selling following a set of subdued macroeconomic data.  Sensex crashed by 769.88 points (or 2.06 per cent), and closed at 36,563; while the Nifty settled at 10,797.9 which is down by 225.35 points (or 2.04 per cent).

The investors were visibly worried about the economic slowdown, GDP data, and the merger of the Public Sector Undertaking (PSU) banks that were announced by the Finance Minister on Friday. Along with this, the auto sales data that was released over the weekend is likely to have increased the nervousness of people who have invested in Dalal Street.

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Meanwhile, both the BSE Midcap and Smallcap indices slipped 1.65 per cent and 1.32 per cent respectively.

It was observed that ICICI Bank, Tata Motors, Tata Steel, IndusInd Bank, and Vedanta were the worst-performing stocks, crashing as much as 4.45 per cent. On the other hand, on NSE, 48 out of 50 stocks ended in the red zone with Tata Steel and UltraTech Cement taking the top position among the losers. Only Tech Mahindra and HCL Technologies were the gainers on the 50-share index.

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