Indian Equity Market – 19 September 2019

Thursday, September 19, marked another traumatic day in the disastrous week for Indian Equities. Nifty crashed to a 7 month low losing 135.90 points, ending the day at 10,704.80. SENSEX did not fare much better, losing 470 points during the day and ending at 360,093.47. Energy and banking stocks fared the worst with Yes Bank hitting a six year low.

Investor confidence continued to deteriorate as FII’s shed over 800 Cr worth of shares. Investor wealth had eroded by 1.65 lakh crore by the end of trading. This is in addition to the 2.72 lakh crore lost on Monday and Tuesday. The Central Government missing its tax collection estimate by a wide margin, a weak growth and plunging demand, is further bad news for investors.

Globally, the Federal Reserve cut rates by 25bps but the Fed cautioned the markets against expecting further cuts. Oil futures have stabilised after Aramco’s production came back online after Saturday’s drone attack. Tensions in the Middle East remain high and further volatility in oil prices can be expected. Trade representatives from US and China are set to meet on Thursday and Friday to try and hammer out a deal and end the protracted trade war.

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