Market tumbles as UK votes to leave EU in historic Brexit referendum
Metal, capital goods and banking stocks led sharp losses for the two key benchmark indices triggered by the outcome of a British referendum showing UK had voted to leave the European Union (EU). The barometer index, the S&P BSE Sensex, fell 604.51 points or 2.24% to settle at 26,397.71. The Nifty 50 index fell 181.85 points or 2.2% to settle at 8,088.60. Nevertheless, the two key benchmark indices staged a strong recovery from a massive intraday slide triggered by a selloff in global stocks. Global stocks tumbled after Britain voted to leave the EU in a historic referendum. Global stocks had risen recently as investors bet that Britons would vote to reject Brexit, or a British exit from the European Union.
The Nifty regained the psychologically important 8,000 mark after falling below that level in intraday trade. The Sensex regained the psychologically important 26,000 level. Earlier, the Sensex first fell below the psychologically important 27,000 and then below the next psychologically important 26,000 level. After opening with a downward gap, the Sensex and the Nifty hovered in negative zone throughout the trading session. The Nifty hit its lowest level in more than four weeks on intraday basis as well as on closing basis. The Sensex hit its lowest level in more than four weeks in intraday trade. The barometer hit its lowest closing level in more than a week.
The broad market depicted weakness. More than two stock fell for each stocks that rose on BSE. 1,833 shares fell and 690 shares rose. A total of 157 shares were unchanged. A number of stocks constituting the broad based BSE Small-Cap index registered losses exceeding 3% for the day. From a total of 761 stocks forming part of the BSE Small-cap index, 625 stocks ended in the negative zone. The BSE Small-Cap index fell 1.46%. The BSE Mid-Cap index fell 1.07%. The decline in both these indices was lower than the Sensex's decline in percentage terms. All the nineteen sectoral indices on BSE registered losses.
Metal shares slumped as copper prices fell in global commodities markets. Car major Maruti Suzuki India dropped as the Japanese yen strengthened against the dollar after results from the UK's referendum on its European Union membership showed the country had voted to leave the trading bloc. Stocks of companies involved in oil exploration and production activities fell as global crude oil prices dropped. Sun Pharmaceutical Industries survived the broad market decline after the company announced share buyback.
The Sensex fell 604.51 points or 2.24% to settle at 26,397.71, its lowest closing level since 14 June 2016. The index fell 566.37 points, or 2.10% at the day's high of 26,435.85. The index fell 1,090.89 points, or 4.04% at the day's low of 25,911.33.
The Nifty 50 index fell 181.85 points or 2.20% to settle at 8,088.60, its lowest closing level since 26 May 2016. The index fell 169.75 points, or 2.05% at the day's high of 8,100.70. The index fell 343.40 points, or 4.15% at the day's low of 7,927.05.
The total turnover on BSE amounted to Rs 3820 crore, higher than turnover of Rs 2283.98 crore registered during the previous trading session.
All the nineteen sectoral indices on BSE registered losses. The S&P BSE Realty index (down 3.74%), the S&P BSE Industrials index (down 3.62%), the S&P BSE Metal index (down 3.59%), the S&P BSE Capital Goods index (down 3.3%), the S&P BSE Bankex (down 2.69%), the S&P BSE Auto index (down 2.63%), the S&P BSE Energy index (down 2.51%) and the S&P BSE Finance index (down 2.24%), underperformed the Sensex. The S&P BSE IT index (down 2.13%), the S&P BSE Telecom index (down 2.03%), the S&P BSE Teck index (down 2.01%), the S&P BSE Basic Materials index (down 2%), the S&P BSE Oil & Gas index (down 1.82%), the S&P BSE FMCG index (down 1.32%), the S&P BSE Power index (down 1.14%), the S&P BSE Consumer Durables index (down 0.99%), the S&P BSE Consumer Discretionary Goods & Services index (down 0.88%), the S&P BSE Utilities index (down 0.79%) and the S&P BSE Healthcare index (down 0.47%), outperformed the Sensex.
In overseas stock markets, European stocks tumbled as the UK voted to leave the European Union in a historic referendum dubbed "Brexit". The FTSE 100 index was currently down 4.63%. In Germany, the DAX index was currently down 6.77%. In France, the CAC 40 index was currently off 8%. Investors fear that Britain's exit from the EU could destabilize the trade bloc. Britain has been a member of the trading bloc since 1973.
UK's Prime Minister David Cameron said he will resign, after Britain voted to leave the European Union in a hotly fought referendum. During a speech after the Brexit results were announced, the prime minister said the break-up negotiations with Europe need to take place under a new leader. The new prime minister will take over in October, he said.
UK's central bank Bank of England (BoE) said in a statement that it is monitoring developments closely. The BoE said it has undertaken extensive contingency planning and is working closely with the UK Treasury, other domestic authorities and overseas central banks. The BoE said it will take all necessary steps to meet its responsibilities for monetary and financial stability.
Trading in US index futures indicated a sharp setback for US stocks at the opening bell after Britain voted to leave the European Union in a historic referendum. Trading in index futures indicated that the Dow Jones Industrial Average could slump 566 points at the opening bell today, 24 June 2016.
Asian shares dropped as results from the UK's referendum on its European Union membership showed the country had voted to leave the trading bloc. In Japan, the Nikkei 225 Average settled 7.92% lower. The safe-haven yen surged against the dollar.
A stronger yen hurts the competitiveness of Japanese exporters. The Japanese currency is perceived as a haven in times of global financial and global economic worries.
Closer home, Finance Minister Arun Jaitley said in a statement that the Indian economy is well prepared to deal with the short and medium term consequences of Brexit. India is strongly committed to macro-economic framework with its focus on maintaining stability, Jaitley said. The finance minister said that India's macro-economic fundamentals are sound with a very comfortable external position, a rock-solid commitment to fiscal discipline and declining inflation. He further said that India's immediate and medium-term firewalls are solid in the form of a healthy foreign exchange reserves position.
Jaitley said that the Indian government, the Reserve Bank of India and other Indian regulators are well prepared and are working closely together to deal with any short term volatility. He said that the government will steadfastly pursue its ambitious reform agenda—including early passage of the goods and services tax(GST)—that will help India realize its medium term growth potential of 8-9%.
Reserve Bank of India (RBI) Governor Raghuram Rajan said in a statement that the central bank is continuously maintaining a close vigil on the market developments, both domestically and internationally, and will take all necessary steps, including liquidity support (both dollar and INR), to ensure orderly conditions in financial markets. Rajan said India's economy has good fundamentals, low short term external debt and sizeable foreign exchange reserves. These should stand the country in good stead in the days to come.
Engineering & construction major L&T fell 4.26% to Rs 1,433.60. The stock hit a high of Rs 1,469.35 and a low of Rs 1,401.40 in intraday trade.
Index heavyweight and cigarette major ITC fell 1.90% to Rs 353.40. The stock hit a high of Rs 359.95 and a low of Rs 350.35 in intraday trade.
Index heavyweight and housing finance major HDFC fell 1.52% to Rs 1,223.65. The company today, 24 June 2016, announced that it has filed term sheet for issuing secured redeemable non-convertible debentures worth Rs 1035 crore on private placement basis. The coupon rate on debentures is 8.5% per annum. The tenor of the debentures is three years with redemption date being 28 June 2019. The issue opens on 28 June 2016 and closes on the same day. The object of the issue is to augment long term resources of the company, HDFC said. The proceeds of the present issue would be utilized for financing/refinancing the housing finance business requirements of the company.
Sun Pharmaceutical Industries rose 0.27% to Rs 753.75 after the company announced after market hours yesterday, 23 June 2016, that its board approved buyback of the company's equity shares. The company will buy back up to 75 lakh shares at a price of Rs 900 each through the tender offer route. The buyback price was at 19.73% premium to the stock's closing price Rs 751.70 on the BSE on 23 June 2016. The company said that the buyback is being undertaken to return surplus funds to the equity shareholders and thereby, enhancing the overall returns to share holders. The record date for the buyback is 15 July 2016. Under Securities and Exchange Board of India (Sebi) guidelines, 15% of the buyback offer is reserved for small investors holding shares worth not more than Rs 2 lakh as on the record date.
The promoters of the company have indicated their intention to participate in the proposed buyback in such a manner that their aggregate shareholding percentage in the company will not fall below their current aggregate percentage shareholding.
Car major Maruti Suzuki India lost 2.25% to Rs 4,069.15 as the Japanese yen strengthened against the dollar after results from the UK's referendum on its European Union membership showed the country had voted to leave the trading bloc. A strong yen adversely impacts Maruti's operating profit margin. Maruti pays royalty to its Japanese parent Suzuki Motor Corporation in yen terms for some of its earlier models. Maruti has reportedly started paying royalty to its Japanese parent in rupee terms on all new models from 1 April 2016. Maruti also has an exposure to the yen to the extent it imports raw materials from Japan.
Tata Motors fell 7.99% as results from the UK's referendum on its European Union membership showed the country had voted to leave the trading bloc. Tata Motors derives majority of its revenue from its British luxury car unit Jaguar Land Rover (JLR). JLR is the largest automotive manufacturer in Britain. It is one of the UK's largest exporters and generates over 80% of its revenue from exports.
Meanwhile, Tata Motors-owned Jaguar Land Rover (JLR) yesterday, 23 June 2016, reportedly began recalling more than 11,000 vehicles in China due to faulty crankshaft sensors. The recall affects 6,067 imported Land Rover Discovery 4 SUVs manufactured between April 2012 and October 2012. Apart from that, 5,214 imported Range Rover models produced between April 2012 and October 2012; and one New Range Rover car made on 9 May 2012 will be recalled.
Faulty crankshaft position sensors may cause the engine to stall when driving. Some of the cars may even fail to start, reports added. The firm owned by Tata Motors will check all the affected vehicles and replace defective parts free of charge.
IT stocks witnessed selling pressure as results from the UK's referendum on its European Union membership, dubbed "Brexit", showed the country had voted to leave the trading bloc. Tech Mahindra (down 4.74%), HCL Technologies (down 3.47%), TCS (down 2.78%), Oracle Financial Services Software (down 2.02%), Hexaware Technologies (down 1.52%), Wipro (down 1.52%), Infosys (down 1.41%) and MindTree (down 0.26%), edged lower. MphasiS (up 0.38%) and Persistent Systems (up 0.47%), edged higher. The UK is the second biggest IT outsourcing market after the United States.
Metal shares slumped as copper prices fell in global commodities markets. Vedanta (down 6.8%), Hindalco Industries (down 5.17%), Jindal Steel & Power (down 4.87%), Steel Authority of India (down 3.53%), Bhushan Steel (down 3.37%), Hindustan Zinc (down 2.81%), Hindustan Copper (down 2.5%), JSW Steel (down 1.31%) and NMDC (down 1.25%), edged lower. National Aluminium Company was up 0.60%. High Grade Copper for July 2016 delivery was currently down 3.68% at $2.083 per pound on the COMEX.
Tata Steel lost 6.37% as results from the UK's referendum on its European Union membership showed the country had voted to leave the trading bloc. Tata Steel is Europe's second largest steel producer, with steelmaking in the UK and Netherlands, and manufacturing plants across Europe. Tata Steel Europe has initiated the process to sell its UK business viz. Tata Steel UK. Tata Steel Europe has invited seven short listed potential investors to submit binding bids for Tata Steel UK.
Bank stocks edged lower in volatile trade. Among state-run banks, IDBI Bank (down 5.23%), United Bank of India (down 4.46%), Andhra Bank (down 3.71%), Bank of Baroda (down 3.42%), Bank of Maharashtra (down 3.34%), Union Bank of India (down 3.33%), Syndicate Bank (down 3.24%), Punjab & Sind Bank (down 3.06%), State Bank of India (down 2.83%), UCO Bank (down 2.81%), Dena Bank (down 2.74%), Indian Bank (down 2.3%), Vijaya Bank (down 1.79%), Canara Bank (down 1.64%), Bank of India (down 1.61%), Corporation Bank (down 0.97%) and Central Bank of India (down 0.61%) edged lower. Allahabad Bank (up 2.12%) and Punjab National Bank (up 2.92%) edged higher.
Among private sector banks, ICICI Bank (down 4.07%), Axis Bank (down 3.07%), Yes Bank (down 2.86%), City Union Bank (down 2.6%), HDFC Bank (down 2.35%), Kotak Mahindra Bank (down 1.92%), Federal Bank (down 1.61%) and IndusInd Bank (down 1.14%), edged lower.
The Sensex has fallen 270.25 points or 1.01% in this month so far (till 24 June 2016). The Sensex has risen 280.17 points or 1.07% in calendar year 2016 so far (till 24 June 2016). From a 52-week low of 22,494.61 hit on 29 February 2016, the barometer index has risen 3,903.10 points or 17.35%. The Sensex is off 2,180.62 points or 7.63% from a 52-week high of 28,578.33 hit on 23 July 2015. The Sensex is off 3,627.03 points 12.08% from a record high of 30,024.74 hit on 4 March 2015.
The Nifty regained the psychologically important 8,000 mark after falling below that level in intraday trade. The Sensex regained the psychologically important 26,000 level. Earlier, the Sensex first fell below the psychologically important 27,000 and then below the next psychologically important 26,000 level. After opening with a downward gap, the Sensex and the Nifty hovered in negative zone throughout the trading session. The Nifty hit its lowest level in more than four weeks on intraday basis as well as on closing basis. The Sensex hit its lowest level in more than four weeks in intraday trade. The barometer hit its lowest closing level in more than a week.
The broad market depicted weakness. More than two stock fell for each stocks that rose on BSE. 1,833 shares fell and 690 shares rose. A total of 157 shares were unchanged. A number of stocks constituting the broad based BSE Small-Cap index registered losses exceeding 3% for the day. From a total of 761 stocks forming part of the BSE Small-cap index, 625 stocks ended in the negative zone. The BSE Small-Cap index fell 1.46%. The BSE Mid-Cap index fell 1.07%. The decline in both these indices was lower than the Sensex's decline in percentage terms. All the nineteen sectoral indices on BSE registered losses.
Metal shares slumped as copper prices fell in global commodities markets. Car major Maruti Suzuki India dropped as the Japanese yen strengthened against the dollar after results from the UK's referendum on its European Union membership showed the country had voted to leave the trading bloc. Stocks of companies involved in oil exploration and production activities fell as global crude oil prices dropped. Sun Pharmaceutical Industries survived the broad market decline after the company announced share buyback.
The Sensex fell 604.51 points or 2.24% to settle at 26,397.71, its lowest closing level since 14 June 2016. The index fell 566.37 points, or 2.10% at the day's high of 26,435.85. The index fell 1,090.89 points, or 4.04% at the day's low of 25,911.33.
The Nifty 50 index fell 181.85 points or 2.20% to settle at 8,088.60, its lowest closing level since 26 May 2016. The index fell 169.75 points, or 2.05% at the day's high of 8,100.70. The index fell 343.40 points, or 4.15% at the day's low of 7,927.05.
The total turnover on BSE amounted to Rs 3820 crore, higher than turnover of Rs 2283.98 crore registered during the previous trading session.
All the nineteen sectoral indices on BSE registered losses. The S&P BSE Realty index (down 3.74%), the S&P BSE Industrials index (down 3.62%), the S&P BSE Metal index (down 3.59%), the S&P BSE Capital Goods index (down 3.3%), the S&P BSE Bankex (down 2.69%), the S&P BSE Auto index (down 2.63%), the S&P BSE Energy index (down 2.51%) and the S&P BSE Finance index (down 2.24%), underperformed the Sensex. The S&P BSE IT index (down 2.13%), the S&P BSE Telecom index (down 2.03%), the S&P BSE Teck index (down 2.01%), the S&P BSE Basic Materials index (down 2%), the S&P BSE Oil & Gas index (down 1.82%), the S&P BSE FMCG index (down 1.32%), the S&P BSE Power index (down 1.14%), the S&P BSE Consumer Durables index (down 0.99%), the S&P BSE Consumer Discretionary Goods & Services index (down 0.88%), the S&P BSE Utilities index (down 0.79%) and the S&P BSE Healthcare index (down 0.47%), outperformed the Sensex.
In overseas stock markets, European stocks tumbled as the UK voted to leave the European Union in a historic referendum dubbed "Brexit". The FTSE 100 index was currently down 4.63%. In Germany, the DAX index was currently down 6.77%. In France, the CAC 40 index was currently off 8%. Investors fear that Britain's exit from the EU could destabilize the trade bloc. Britain has been a member of the trading bloc since 1973.
UK's Prime Minister David Cameron said he will resign, after Britain voted to leave the European Union in a hotly fought referendum. During a speech after the Brexit results were announced, the prime minister said the break-up negotiations with Europe need to take place under a new leader. The new prime minister will take over in October, he said.
UK's central bank Bank of England (BoE) said in a statement that it is monitoring developments closely. The BoE said it has undertaken extensive contingency planning and is working closely with the UK Treasury, other domestic authorities and overseas central banks. The BoE said it will take all necessary steps to meet its responsibilities for monetary and financial stability.
Trading in US index futures indicated a sharp setback for US stocks at the opening bell after Britain voted to leave the European Union in a historic referendum. Trading in index futures indicated that the Dow Jones Industrial Average could slump 566 points at the opening bell today, 24 June 2016.
Asian shares dropped as results from the UK's referendum on its European Union membership showed the country had voted to leave the trading bloc. In Japan, the Nikkei 225 Average settled 7.92% lower. The safe-haven yen surged against the dollar.
A stronger yen hurts the competitiveness of Japanese exporters. The Japanese currency is perceived as a haven in times of global financial and global economic worries.
Closer home, Finance Minister Arun Jaitley said in a statement that the Indian economy is well prepared to deal with the short and medium term consequences of Brexit. India is strongly committed to macro-economic framework with its focus on maintaining stability, Jaitley said. The finance minister said that India's macro-economic fundamentals are sound with a very comfortable external position, a rock-solid commitment to fiscal discipline and declining inflation. He further said that India's immediate and medium-term firewalls are solid in the form of a healthy foreign exchange reserves position.
Jaitley said that the Indian government, the Reserve Bank of India and other Indian regulators are well prepared and are working closely together to deal with any short term volatility. He said that the government will steadfastly pursue its ambitious reform agenda—including early passage of the goods and services tax(GST)—that will help India realize its medium term growth potential of 8-9%.
Reserve Bank of India (RBI) Governor Raghuram Rajan said in a statement that the central bank is continuously maintaining a close vigil on the market developments, both domestically and internationally, and will take all necessary steps, including liquidity support (both dollar and INR), to ensure orderly conditions in financial markets. Rajan said India's economy has good fundamentals, low short term external debt and sizeable foreign exchange reserves. These should stand the country in good stead in the days to come.
Engineering & construction major L&T fell 4.26% to Rs 1,433.60. The stock hit a high of Rs 1,469.35 and a low of Rs 1,401.40 in intraday trade.
Index heavyweight and cigarette major ITC fell 1.90% to Rs 353.40. The stock hit a high of Rs 359.95 and a low of Rs 350.35 in intraday trade.
Index heavyweight and housing finance major HDFC fell 1.52% to Rs 1,223.65. The company today, 24 June 2016, announced that it has filed term sheet for issuing secured redeemable non-convertible debentures worth Rs 1035 crore on private placement basis. The coupon rate on debentures is 8.5% per annum. The tenor of the debentures is three years with redemption date being 28 June 2019. The issue opens on 28 June 2016 and closes on the same day. The object of the issue is to augment long term resources of the company, HDFC said. The proceeds of the present issue would be utilized for financing/refinancing the housing finance business requirements of the company.
Sun Pharmaceutical Industries rose 0.27% to Rs 753.75 after the company announced after market hours yesterday, 23 June 2016, that its board approved buyback of the company's equity shares. The company will buy back up to 75 lakh shares at a price of Rs 900 each through the tender offer route. The buyback price was at 19.73% premium to the stock's closing price Rs 751.70 on the BSE on 23 June 2016. The company said that the buyback is being undertaken to return surplus funds to the equity shareholders and thereby, enhancing the overall returns to share holders. The record date for the buyback is 15 July 2016. Under Securities and Exchange Board of India (Sebi) guidelines, 15% of the buyback offer is reserved for small investors holding shares worth not more than Rs 2 lakh as on the record date.
The promoters of the company have indicated their intention to participate in the proposed buyback in such a manner that their aggregate shareholding percentage in the company will not fall below their current aggregate percentage shareholding.
Car major Maruti Suzuki India lost 2.25% to Rs 4,069.15 as the Japanese yen strengthened against the dollar after results from the UK's referendum on its European Union membership showed the country had voted to leave the trading bloc. A strong yen adversely impacts Maruti's operating profit margin. Maruti pays royalty to its Japanese parent Suzuki Motor Corporation in yen terms for some of its earlier models. Maruti has reportedly started paying royalty to its Japanese parent in rupee terms on all new models from 1 April 2016. Maruti also has an exposure to the yen to the extent it imports raw materials from Japan.
Tata Motors fell 7.99% as results from the UK's referendum on its European Union membership showed the country had voted to leave the trading bloc. Tata Motors derives majority of its revenue from its British luxury car unit Jaguar Land Rover (JLR). JLR is the largest automotive manufacturer in Britain. It is one of the UK's largest exporters and generates over 80% of its revenue from exports.
Meanwhile, Tata Motors-owned Jaguar Land Rover (JLR) yesterday, 23 June 2016, reportedly began recalling more than 11,000 vehicles in China due to faulty crankshaft sensors. The recall affects 6,067 imported Land Rover Discovery 4 SUVs manufactured between April 2012 and October 2012. Apart from that, 5,214 imported Range Rover models produced between April 2012 and October 2012; and one New Range Rover car made on 9 May 2012 will be recalled.
Faulty crankshaft position sensors may cause the engine to stall when driving. Some of the cars may even fail to start, reports added. The firm owned by Tata Motors will check all the affected vehicles and replace defective parts free of charge.
IT stocks witnessed selling pressure as results from the UK's referendum on its European Union membership, dubbed "Brexit", showed the country had voted to leave the trading bloc. Tech Mahindra (down 4.74%), HCL Technologies (down 3.47%), TCS (down 2.78%), Oracle Financial Services Software (down 2.02%), Hexaware Technologies (down 1.52%), Wipro (down 1.52%), Infosys (down 1.41%) and MindTree (down 0.26%), edged lower. MphasiS (up 0.38%) and Persistent Systems (up 0.47%), edged higher. The UK is the second biggest IT outsourcing market after the United States.
Metal shares slumped as copper prices fell in global commodities markets. Vedanta (down 6.8%), Hindalco Industries (down 5.17%), Jindal Steel & Power (down 4.87%), Steel Authority of India (down 3.53%), Bhushan Steel (down 3.37%), Hindustan Zinc (down 2.81%), Hindustan Copper (down 2.5%), JSW Steel (down 1.31%) and NMDC (down 1.25%), edged lower. National Aluminium Company was up 0.60%. High Grade Copper for July 2016 delivery was currently down 3.68% at $2.083 per pound on the COMEX.
Tata Steel lost 6.37% as results from the UK's referendum on its European Union membership showed the country had voted to leave the trading bloc. Tata Steel is Europe's second largest steel producer, with steelmaking in the UK and Netherlands, and manufacturing plants across Europe. Tata Steel Europe has initiated the process to sell its UK business viz. Tata Steel UK. Tata Steel Europe has invited seven short listed potential investors to submit binding bids for Tata Steel UK.
Bank stocks edged lower in volatile trade. Among state-run banks, IDBI Bank (down 5.23%), United Bank of India (down 4.46%), Andhra Bank (down 3.71%), Bank of Baroda (down 3.42%), Bank of Maharashtra (down 3.34%), Union Bank of India (down 3.33%), Syndicate Bank (down 3.24%), Punjab & Sind Bank (down 3.06%), State Bank of India (down 2.83%), UCO Bank (down 2.81%), Dena Bank (down 2.74%), Indian Bank (down 2.3%), Vijaya Bank (down 1.79%), Canara Bank (down 1.64%), Bank of India (down 1.61%), Corporation Bank (down 0.97%) and Central Bank of India (down 0.61%) edged lower. Allahabad Bank (up 2.12%) and Punjab National Bank (up 2.92%) edged higher.
Among private sector banks, ICICI Bank (down 4.07%), Axis Bank (down 3.07%), Yes Bank (down 2.86%), City Union Bank (down 2.6%), HDFC Bank (down 2.35%), Kotak Mahindra Bank (down 1.92%), Federal Bank (down 1.61%) and IndusInd Bank (down 1.14%), edged lower.
The Sensex has fallen 270.25 points or 1.01% in this month so far (till 24 June 2016). The Sensex has risen 280.17 points or 1.07% in calendar year 2016 so far (till 24 June 2016). From a 52-week low of 22,494.61 hit on 29 February 2016, the barometer index has risen 3,903.10 points or 17.35%. The Sensex is off 2,180.62 points or 7.63% from a 52-week high of 28,578.33 hit on 23 July 2015. The Sensex is off 3,627.03 points 12.08% from a record high of 30,024.74 hit on 4 March 2015.
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