Following the downfall, investors lost around Rs 4.95 lakh crore amid sell-off in the broader market where the benchmark BSE Sensex tumbled 1,275 points or 3.6 per cent in opening trade.
Elsewhere in Asia, Japan's Nikkei was down 5.4%, while China's Shanghai Composite Index shed 4.7%. The domestic market saw a boost up in prices of shares due to the good progress in the global economic market. RBI to turn hawkish, keep rates on hold through middle of 2019: Poll The Reserve Bank of India will keep interest rates on hold through at least the middle of 2019 even though inflation is above its medium-term target and is expected to stay that way, a Reuters poll found.
Meanwhile, the White House issued a statement reportedly downplaying the stock market turbulence and pointing to lower unemployment rates and increased wages in the US. Tata Motors Ltd cracked almost 10% after it reported lower-than-expected earnings due to weak performance by Jaguar Land Rover (JLR).
Among major losers on the Sensex, Tata Motors lost 5.5%, its biggest single-day decline since August 10, after its December quarter net profit lagged behind forecasts. Globally, rising bond yields in the U.S. could also spoil the mood on Dalal Street.
Other major losers were in the banking sector.
We should adopt a wait and watch policy.
Donovan Mitchell replaces Aaron Gordon in Slam Dunk contest
Gordon was set to face the Pacers' Victor Oladipo , the Lakers' Larry Nance Jr . and the Mavs' Dennis Smith Jr . He was the runner-up to Zach LaVine in 2016, a performance that included three straight flawless scores of 50.
All the 19 sectoral indices on the BSE declined, with the IT pack leading the indices. Over 200 stocks hit their 52-week lows on BSE today.
United States stocks plunged in highly volatile trading.
"We aren't living in an island so there will be ripple effect of what is happening in world on Indian stock markets.Otherwise the sensex & NSE would have come down on 1st day itself", he added.
RBI Governor Urjit Patel needs to keep interest rates low to ensure Prime Minister Narendra Modi can bridge a widening fiscal deficit.
The correction had set in the market after the government re-introduced the on equity holdings in the presented on February 1.