Sensex slides 310pts on LTCG, global selloff

Stock market crash Investors lose Rs 9.6 lakh crore in 3 days

The Wall Street indexes also rose due to the advancement in the Asian stocks on Tuesday and also due to the deal between the U.S. senators regarding the government shutdown. The Sensex crashed by about 1,275 points to sink below the key 34,000-mark while the NSE Nifty plunged 390 points within minutes of opening. Here is how it all started.

Indian shares look set to extend their recent sell-off on Tuesday as growing concerns over fiscal slippage and the return of the long term capital gains tax on equities in this Budget may continue to haunt investors ahead of the RBI policy review due this week. Nifty too came under intense selling pressure falling 279 points or 2.6% at 10,388 level.

The BSE MidCap Index slipped 0.85% and the BSE SmallCap Index fell 1.15%.

On Monday, auto major Tata Motors reported about a 13-fold rise in quarterly profit, driven by higher sales from its Jaguar Land Rover (JLR) business after a particularly weak quarter a year earlier.

At 10.18am, Sensex was trading at 33,573.99, down 3.4% or 1,183.17 points, while Nifty fell 3.4% to 10,307.60 points. Tata Motors, Tata Consultancy Services and Kotak Mahindra were the biggest losers.

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With this, the market has plummeted 1,208 points after the Budget presentation in the last three sessions.

The heavy sell-off comes after months of surges fuelled by corporate earnings, global outlook and optimism over the United States economy.

The rupee appreciating further to 64.68 against the dollar (intra-day) at the forex market too fuelled the rally.

On Monday, the provisional data released by the stock exchanges showed that foreign portfolio investors (FPI) offloaded shares worth Rs 1,263.57 crore. Among the Asian markets, Nikkei in Japan closed 2.6% lower while in late session FTSE in United Kingdom was down over 1%. Japan's Nikkei fell 4.73%, Hong Kong's Hang Seng lost 5.12%, while Shanghai Composite Index shed 3.35%.

The declines for the benchmark S&P 500 index and the Dow Jones Industrial Average were the biggest single-day percentage drops since August 2011, a period of stock-market volatility marked by the downgrade of the United States' credit rating and the euro zone debt crisis.

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