It was a panic Monday.
As the Chinese market fell 5.8 per cent, following concerns about the sustainability of its growth rate, all other markets across the world were also awash in a sea of red.
India was no exception. The Bombay Stock Exchange Sensex, fell by 627 points or 4.1 per cent to close at 14,785.
The wider Nifty fell 193 points or 4.2 per cent. It is the biggest fall since the last Budget was presented on July 6.
Realty, metals and auto stocks fell steepest, by 7.6 per cent, 6.2 per cent and 4.8 per cent respectively.
In India the global nosedive could well have been only the starting point.
“There are also rising concerns on inflation, drought and a rise in fiscal deficit, which the market may have been reacting to,” said Aseem Dhruv, CEO, HDFC Securities.