Sensex, BankNifty, Midcap fall over 3%; Tata Motors down 6% -- 24 Aug 2015

The market breadth was pathetic as about eight shares declined for every share advancing on the Bombay Stock Exchange.

                                       

The market continued to be controlled by bears as the frontline indices as well as major sectoral indices like Bank Nifty fell over 3 percent. Worries over Chinese economy dented sentiment across the globe. The 30-share BSE Sensex dropped 854.57 points to 26511.50 and the 50-share NSE Nifty slipped 264.30 points to 8035.65. The broader markets, too, saw red tick as the BSE Midcap and Smallcap indices declined 3.3 percent and 3.7 percent, respectively. The market breadth was pathetic as about eight shares declined for every share advancing on the Bombay Stock Exchange. Timothy Moe, Goldman Sachs said growth risks, reduced policy confidence fueled the equity sell-off. Deteriorating data since June has hurt growth expectations, he added. Bank Nifty dropped over 3 percent as ICICI Bank, HDFC Bank, State Bank of India, Axis Bank, Punjab National Bank and Bank of Baroda crashed 3-5 percent. Tata Motors topped the selling list on Sensex, down 6 percent as likely slowdown in Chinese economy may impact luxury car sales growth. Jaguar Land Rover gets 20 percent sales growth from China.

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