Market bloodbath continues as Sensex plunges 400 points

The benchmark Sensex lost as much as 288 points to hit a day’s low of 31,634.94 points today

At 0935 hours, Sensex was trading at 31,645.78 points, down 276.66 points or 0.87%, while Nifty 50 lost 73 points or 0.73%, trading at 9,891.40 points.

On BSE, 417 stocks were advancing whereas 1,971 stocks were lagging and 115 stocks were appearing unchanged.

The BSE index fell 0.93 percent to 31,626.63, while the broader NSE index ended 0.92 percent lower at 9,872.60.

This followed after the benchmark index had already registered losses by plunging 325 points in afternoon trade on across the board selling amid weak Asian cues after German Chancellor Angela Merkel won a fourth term with uneasy coalition to form the next government.

The stocks of heavyweight companies such as HDFC, HDFC Bank, ITC, Larsen & Toubro, Kotak Mahindra Bank, and Maruti Suzuki contributed the most to the Sensex decline.

The S&P BSE Small and Midcap index were the biggest casualties - down 1.1 percent, and 2.02 percent respectively.

Below are the reasons why Sensex and Nifty extended losses for a fifth straight session today. Meanwhile, the Nifty was trading lower by 92.25 points or 0.93% at 9,872.15.

Shoppers Stop rose 20 percent in the S&P BSE Smallcap index after the US-based retailer Amazon's investment arm Amazon.com NV Investment Holdings LLC said it will acquire 5 percent stake in the company for Rs 179.26 crore.

The index had fallen 501.32 points in the previous four sessions. "Now if it sustains below 9880 zones then weakness could continue towards 9820 then 9750 zones", Chandan Taparia, Derivatives and Technical Analyst at Motilal Oswal Securities told Moneycontrol". "On the upside now resistances are shifting lower to 10020 and 10080 zones".

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