Markets pare losses: Sensex ends 561 pts lower, Nifty fails to hold 10,500

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Benchmark indice pared losses after 

sliding more than 3% in intra-day trade a global market rout whacked sentiment, adding to existing investor concerns ahead of Reserve Bank of India (RBI) meeting this week to review key rates.

The broader Nifty50 and the benchmark S&P BSE Sensex each fell as much as 3.7% in on Tuesday, the sixth consecutive session of falls, with both erasing their gains for the year. The S&P BSE Sensex ended at 34,195 levels, down 561 points while the broader Nifty50 index settled at 10,498, down 168 points.

The fall in the Indian benchmarks was triggered by a global rout led by US stocks that saw their biggest one-day fall in six years on Monday, as investor profit taking brought the market back down from record highs seen in late January, after benchmark bond yields rose to a four year high last week.

"The crash in the mother market - the Dow plunging by 2,200 points in two days - has unnerved equity markets globally. The sell off in the US has led to a global sell off," said VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services.

Adding: "Indian market is performing in line with global markets in this down turn. That said, the valuations in India are are high, particularly in mid-and-small caps. This is not the time to make aggressive purchases, but to churn the portfolio in favour of quality stocks. Investors should not panic and stop SIPs."

GLOBAL PHENOMENON

The Dow Jones Industrial Average fell nearly 1,600 points for its biggest intraday drop in history in points terms, or more than 6 per cent, before ending down 1,175.21 points, or 4.6 per cent for its biggest one-day fall since August 2011.

The slump in Wall Street overnight comes as India’s record-setting share rally came under threat over the past few sessions following the government’s announcement of a 10% long-term capital gains tax in equities, which starts in April.

in other Asian markets, MSCI's broadest index of Asia-Pacific shares outside Japan slid 3.5 per cent to a one-month low, which would be its biggest fall in more than a year and a half, a day after it had fallen 1.6 per cent.

 

(With Reuters inputs)

3:40 PM IST Top sectoral loser: Nifty IT

3:37 PM IST Sectoral Trend

3:36 PM IST Sensex heatmap

3:33 PM IST Markets at close Benchmark indices pared some losses after sliding more than 3% and the rupee weakened as a global market rout whacked sentiment, adding to existing investor concerns ahead of a central bank meeting this week and a new capital gains tax later in the year.   The S&P BSE Sensex ended at 34,195, down 561 points while the broader Nifty50 index settled at 10,498, down 168 points.

3:22 PM IST RBI in a fix, market eyes rate hike amid confidence crisis The Reserve Bank of India’s job as the government’s debt manager just got harder after the federal budget unveiled a near-record $95 billion borrowing plan in the coming fiscal year. Governor Urjit Patel needs to keep interest rates low to ensure Prime Minister Narendra Modi can bridge a widening fiscal deficit. But he also needs to bring down an inflation rate that breached the 4 per cent midpoint of the target band late last year, and which is expected to climb as the government increases spending before a general election next year. READ MORE

3:16 PM IST RBI to turn hawkish, keep rates on hold through middle of 2019: Poll   The Reserve Bank of India will keep interest rates on hold through at least the middle of 2019 even though inflation is above its medium-term target and is expected to stay that way, a Reuters poll found.     A majority of economists also expect the central bank's tone to turn hawkish when it announces its latest policy decision on Wednesday.    In the poll of 60 economists, taken after the Budget announcement, 58 said the RBI would keep key rates unchanged - the repo at 6.00 per cent and the reverse repo at 5.75 per cent - when it meets on Wednesday. The other two forecast an increase. READ MORE

3:01 PM IST Nifty could fall to 9,500 levels; not a good time to bottom fish: Experts Despite the three per cent sell-off in the frontline Indian benchmarks on Tuesday, the S&P BSE Sensex and the Nifty50, market pundits expect more downside for domestic equities in the days to come. Since the market rout has been triggered by global factors, mainly rising bond yields in the US, they expect the bearish tone to continue for a few more sessions before the Indian markets stabilise. In a worst-case scenario, the Nifty50 can slip to 9,500 levels, they say. READ MORE

2:51 PM IST Sensex heatmap

2:44 PM IST Smallcap index plunges 16% from record high level; 26 stocks slip over 30%   The S&P BSE Smallcap index plunged nearly 5% to 16,945 in early morning trade on Tuesday, falling 16% from its record high level of 20,183 touched on January 15, 2018 in intra-day trade.   Total 124 stocks have fallen more than 25% from their respective all-time highs touched in January 2018. Of these 26 stocks slipped an over 30%, the list include Fineotex Chemicals, Philips Carbon Black, NACL Industries, BLS International, VIP Clothing, TPL Plastech and PC Jeweller.  READ MORE

2:29 PM IST Markets check Index Current Pt. Change % Change   S&P BSE SENSEX 34,463.01 -294.15 -0.85   S&P BSE SENSEX 50 11,022.84 -108.41 -0.97   S&P BSE SENSEX Next 50 34,056.03 -390.45 -1.13   S&P BSE 100 10,926.08 -110.33 -1.00   S&P BSE Bharat 22 Index 3,709.98 -26.15 -0.70 (Source: BSE)

2:16 PM IST Government will look into local market slump - Finance Secretary The government will look into what it can do after a slump in local market reflecting global sell off, the finance secretary said on Tuesday.   Hasmukh Adhia said he will discuss the issue of fall in local markets with Finance Minister Arun Jaitley. READ MORE

2:00 PM IST Sensex tanks over 1,000 points: What should your portfolio strategy be? Indian markets witnessed a significant sell-off following the global market rout on Tuesday, with the Nifty50 and the S&P BSE Sensex slipping over 3%. The BSE Mid-cap and BSE Small-cap indices underperformed the frontline benchmarks, losing over 4% in intra-day trade. The rout came after US stocks plunged in highly volatile trading on Monday, with the Dow industrials falling nearly 1,600 points during the session, its biggest intraday decline in history, as investors grappled with rising bond yields and potentially higher inflation. So, what should your portfolio strategy be now? READ MORE

LIVE UPDATES

Top sectoral loser: Nifty IT


Sectoral Trend


Sensex heatmap


Markets at close

Benchmark indices pared some losses after sliding more than 3% and the rupee weakened as a global market rout whacked sentiment, adding to existing investor concerns ahead of a central bank meeting this week and a new capital gains tax later in the year.
 
The S&P BSE Sensex ended at 34,195, down 561 points while the broader Nifty50 index settled at 10,498, down 168 points.
RBI in a fix, market eyes rate hike amid confidence crisis

The Reserve Bank of India’s job as the government’s debt manager just got harder after the federal budget unveiled a near-record $95 billion borrowing plan in the coming fiscal year.

Governor Urjit Patel needs to keep interest rates low to ensure Prime Minister Narendra Modi can bridge a widening fiscal deficit. But he also needs to bring down an inflation rate that breached the 4 per cent midpoint of the target band late last year, and which is expected to climb as the government increases spending before a general election next year. READ MORE
RBI to turn hawkish, keep rates on hold through middle of 2019: Poll
 
The Reserve Bank of India will keep interest rates on hold through at least the middle of 2019 even though inflation is above its medium-term target and is expected to stay that way, a Reuters poll found.  
 
A majority of economists also expect the central bank's tone to turn hawkish when it announces its latest policy decision on Wednesday. 
 
In the poll of 60 economists, taken after the Budget announcement, 58 said the RBI would keep key rates unchanged - the repo at 6.00 per cent and the reverse repo at 5.75 per cent - when it meets on Wednesday. The other two forecast an increase. READ MORE
Nifty could fall to 9,500 levels; not a good time to bottom fish: Experts

Despite the three per cent sell-off in the frontline Indian benchmarks on Tuesday, the S&P BSE Sensex and the Nifty50, market pundits expect more downside for domestic equities in the days to come. Since the market rout has been triggered by global factors, mainly rising bond yields in the US, they expect the bearish tone to continue for a few more sessions before the Indian markets stabilise. In a worst-case scenario, the Nifty50 can slip to 9,500 levels, they say. READ MORE
Sensex heatmap



Smallcap index plunges 16% from record high level; 26 stocks slip over 30%
 
The S&P BSE Smallcap index plunged nearly 5% to 16,945 in early morning trade on Tuesday, falling 16% from its record high level of 20,183 touched on January 15, 2018 in intra-day trade.
 
Total 124 stocks have fallen more than 25% from their respective all-time highs touched in January 2018. Of these 26 stocks slipped an over 30%, the list include Fineotex Chemicals, Philips Carbon Black, NACL Industries, BLS International, VIP Clothing, TPL Plastech and PC Jeweller.  READ MORE
Markets check

Index Current Pt. Change % Change
 
S&P BSE SENSEX 34,463.01 -294.15 -0.85
 
S&P BSE SENSEX 50 11,022.84 -108.41 -0.97
 
S&P BSE SENSEX Next 50 34,056.03 -390.45 -1.13
 
S&P BSE 100 10,926.08 -110.33 -1.00
 
S&P BSE Bharat 22 Index 3,709.98 -26.15 -0.70

(Source: BSE)
Government will look into local market slump - Finance Secretary

The government will look into what it can do after a slump in local market reflecting global sell off, the finance secretary said on Tuesday.
 
Hasmukh Adhia said he will discuss the issue of fall in local markets with Finance Minister Arun Jaitley. READ MORE
Sensex tanks over 1,000 points: What should your portfolio strategy be?

Indian markets witnessed a significant sell-off following the global market rout on Tuesday, with the Nifty50 and the S&P BSE Sensex slipping over 3%. The BSE Mid-cap and BSE Small-cap indices underperformed the frontline benchmarks, losing over 4% in intra-day trade.

The rout came after US stocks plunged in highly volatile trading on Monday, with the Dow industrials falling nearly 1,600 points during the session, its biggest intraday decline in history, as investors grappled with rising bond yields and potentially higher inflation.

So, what should your portfolio strategy be now? READ MORE
RBI likely to keep policy rates on hold due to high inflation risks

In the Reserve Bank of India's (RBI) Monetary Policy Committee (MPC) meeting, which will be held in Mumbai on Tuesday, the apex bank is expected to keep policy rates on hold for this week.
The six-member MPC, which is headed by RBI Governor Urijit Patel will meet for the sixth bi-monthly Monetary Policy Statement for 2017-18, later in the day. 

However, the bank may toughen its warning against inflation, lying on the ground for a hike in 2018 after prices accelerated at the fastest pace in the last 17 months.  READ MORE
Sectoral Trend



Staring at a full-scale bear market: Devangshu Datta

 
The dip on Wall Street is very likely to lead to poor sentiment elsewhere in the world including on Dalal Street. READ MORE
 
Bitcoin plunges 20% to $6,190; experts warn it may drop another 50%
 
Bitcoin plunged 20 per cent to a three-month low today, its latest sharp loss following a series of setbacks for the cryptocurrency that, with a collapse across global mainstream markets adding to the selling.
 
The virtual currency fell to $6,190 for the first time since mid-November.  READ MORE
Gold demand slid to eight-year low in 2017: World Gold Council

Global gold demand slid 7 percent in 2017 to 4,071.7 tonnes, an eight-year low, the WGC said in it latest quarterly demand trends report.
 
Investment demand fell by nearly a quarter, driven by reduced inflows into bullion-backed exchange traded funds, the gold mining industry-funded WGC said. While gold prices rose last year on the back of dollar weakness, rising interest rates and a surge in stock markets detracted from the metal's appeal as an investment. READ MORE
Investors lose Rs 10 trillion in three trading days

Investors have lost a whopping Rs 10 trillion in the stock market in past three trading sessions post Budget 2018-19, with over Rs 4.8 trillion being wiped out in Tuesday’s trade so far. Total investor wealth, measured in terms of cumulative market value of all listed stocks on BSE, fell by Rs 10 trillion in past three trading sessions to Rs 143 trillion at 11:07 AM; the exchange data shows READ MORE
Market check

Index Current Pt. Change % Change
 
S&P BSE SENSEX 33,880.36 -876.80 -2.52
 
S&P BSE SENSEX 50 10,840.25 -291.00 -2.61
 
S&P BSE SENSEX Next 50 33,464.28 -982.20 -2.85
 
S&P BSE 100 10,743.71 -292.70 -2.65
 
S&P BSE Bharat 22 Index 3,651.94 -84.19 -2.25


(Source: BSE)
Govt allows investors to set off losses against long-term capital gains tax
 
It is better to wait beyond March 31 this year to sell equity shares or units of equity-oriented mutual funds if one is incurring losses.
 
This is so because these losses can be set off for long-term capital gains (LTCG) tax, to come into force from April 1 this year. These losses can be set off for a period of eight years.
 
"Long-term capital loss arising from transfer made on or after April 1, 2018, will be allowed to be set-off and carried forward. Unabsorbed loss can be carried forward to subsequent eight years for set-off against long-term capital gains," clarified the Central Board of Direct Taxes (CBDT) through frequently asked questions (FAQs). READ MORE
Finance Secretary on market crash

The government will look into what it can do after a slump in local market reflecting global sell off, the finance secretary said on Tuesday.
 
Hasmukh Adhia said he will discuss the issue of fall in local markets with Finance Minister Arun Jaitley.
View on market sell-off
 
VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services
 
The crash in the mother market - the Dow plunging by 2200 points in 2 days- has unnerved equity markets globally. The sell off in the US has led to a global sell off. The trigger for the sell off in US is the fear that the Fed might be behind the curve. The latest reading in the wage growth in US shows wages have gone up by 2.9 percent. With very low levels of unemployment, the fiscal stimulus induced by the Trump tax cuts can trigger spike in inflation. Consequently, the Fed tightening can be higher than the market expectation of three.This is the immediate trigger for the sell off in the US. Since stock valuations are very high, the correction appears exaggerated. 
 
Indian market is in tune with global markets in this down turn.In India also valuations are high, particularly in mid and small caps. This is not the time to make aggressive purchases in the market. But this is the right time to churn the portfolio in favour of quality stocks. Investors should not panic and stop SIPs.   
 
MARKET COMMENT: Hemang Jani, Head - Advisory, Sharekhan
 
Spike in interest rates in US and inflation concerns led to initial sell off, which got accentuated by over-bought positions. Contagion has spread to other asset classes (bitcoins, base metals, crude etc.) and most emerging markets which is usually the case. The fact is that markets were not prepared for a large sell off and there was a bit of complacency & exuberance across equity markets which were reflected in the low IVs (Implied volatility, which has reversed in past couple of days). 
 
If an investor has surplus funds and has a time frame of more than 12-24 months, this is the time to increase the allocation to equities, as there is a meaningful correction in the market after a long time. We see this as an opportunity for retail investors, as this is happening at a time when earnings growth revival is seen across companies after a gap of almost 3 years. Some of the companies like Maruti, Escorts, HDFC, HDFC Bank, L&T, JSW Steel that have reported good numbers this quarter and has upside potential of > 15% can be looked at in the positive light.
Top Loser of S&P BSE Sensex: Tata Motors

Tata Motors was trading over 6% down on BSE after the company on Monday had reported lower than expected consolidated profits.

The company on Monday after market hours reported profits of Rs 12.14 billion against Rs 1.11 billion in the corresponding quarter of the previous year. Consolidated revenues grew 16.1% to Rs 741.56 billion during the quarter. The consolidated profits are lower than analysts’ expectations of more than Rs 30 billion.



MARKET COMMENT: G Chokkalingam, founder, Equinomics Research and Advisory
 
With (interest) rates rising, oil prices, monsoon, state elections, inflation, US Fed rate hike on cards, 2018 may not give a more than 5 – 10% return in the best case scenario
COMMENT: Aditya Agarwala, technical analyst, YES Securities
 
Nifty continues to slide lower following a bearish closing in the previous week which had formed a sizeable Bearish Engulfing pattern. Further, it has turned southwards after testing the upper end of a rising channel suggesting more weakness in the offing. 
 
Immediate supports on the downside are 10400-9940. As Index has reached oversold zone on shorter time frame a minor pull back rally cannot be ruled out, however, these pull backs can be used to create fresh shorts as the choppiness and volatility is likely to persist for some time.
Sectoral Trend



Views on Markets Crash by  Gautam Duggad, Head of Research, Motilal Oswal Institutional Equities
 
“The market is reacting to the global cues and hardening of bond yields across markets. In our recent strategy report, published a fortnight back, we had highlighted that market was looking expensive on our Excess RoE vs. P/B framework and with higher cost of capital, the valuations had a room to correct, especially in mid-caps. 
 
The fact that we did not have any significant drawdown in 2017 is making the current correction look more ominous than it is. However, with earnings recovery – 3QFY18 earnings are in-line so far – panning out, we believe the correction is offering a good opportunity to buy from a 2-3 year perspective. Our preference continues for large-caps over midcaps as Nifty valuations at 17-17.5x FY19 projected earning per share (EPS), while not inexpensive is not out of whack either”.
Oil India gains in weak market on bonus issue plan

Oil India gained 2.7% to Rs 345 on BSE in intra-day trade after the company announced the board will consider issue of bonus shares in the meeting scheduled on February 9, 2018. The stock recovered 5% from its intra-day low of Rs 328 was the sole gainer among S&P BSE 200 index. READ MORE
Sensex heatmap



Markets Check

Index Current Pt. Change % Change
 
S&P BSE SENSEX 33,732.48 -1024.68 -2.95
 
S&P BSE SENSEX 50 10,796.00 -335.25 -3.01
 
S&P BSE SENSEX Next 50 33,244.67 -1201.81 -3.49
 
S&P BSE 100 10,695.59 -340.82 -3.09
 
S&P BSE Bharat 22 Index 3,629.74 -106.39 -2.85

INTERVIEW OF THE DAY: Correction was overdue; India more vulnerable than global peers: Jim Rogers

The sell-off in the US equity markets – the biggest in two years – was triggered mainly by rising bond yields and spread across major global indices on Tuesday. JIM ROGERS, chairman of Rogers Holdings tells Puneet Wadhwa that the US bond market that hit bottom in 1981 and has been in a bull-run since then, is coming to an end. There will be rallies along the way, he says, but we will enter a very long bear market  READ MORE

Jim Rogers

Tata Motors, LIC Housing among 46 stocks from BSE500 hit 52-week low
 
Nearly one out of 10 stocks from the S&P BSE500 index hit 52-week low on BSE in intra-day trade on Tuesday after the benchmark indices opened weak on weak global cues.
 
Tata Motors, LIC Housing Finance, Astra Microwave, Castrol India, Cummins India, Exide Industries, Godfrey Phillips and India Cements are among 46 stocks from the S&P BSE500 index hitting their respective 52-week lows on BSE. READ MORE
Forex Check

Bonds rose in line with global markets after US markets suffered their biggest loss in over 6 years with investors also wary ahead of the outcome of the monetary policy review on Wednesday.

India’s benchmark 10-year bond yield was down 5 basis points at 7.55%, while the partially convertible rupee was at 64.39 per dollar versus its previous close of 64.07.
Nifty levels of 10,450-10,500 are crucial in coming sessions
 
The Budget seems to have broken the uptrend in the stock market. It is too early to judge if this is a big trend reversal or merely a short-term correction. The Nifty has lost four per cent in the three sessions since Jaitley made his speech. Of the three segments of players — domestic institutions, retail investors/traders and Foreign Portfolio Investors (FPIs) — the first two have been net sellers and the FPIs are only moderate buyers. Option premiums remain high and the VIX is rising, indicating the prospect of volatility and a bearish outlook in the next few sessions.
 
The cautious trader will normally wait out the Budget session before committing to a large position in either direction. Historical data suggests trends tend to get firmly established and it is safer to wait out that session and take positions over the next two ones. By that thumbrule, the market is now in a downtrend. READ MORE
India Vix sees biggest rise since Aug 2016


Nifty Bank cracks over 3%

Markets recover marginally from day's low

Index Current Pt. Change % Change
 
S&P BSE SENSEX 33,677.52 -1079.64 -3.11
 
S&P BSE SENSEX 50 10,782.16 -349.09 -3.14
 
S&P BSE SENSEX Next 50 33,203.22 -1243.26 -3.61
 
S&P BSE 100 10,682.13 -354.28 -3.21
 
S&P BSE Bharat 22 Index 3,624.29 -111.84 -2.99


(Source: BSE)
Market slide continues as FIIs press sell button on rising US bond yields

Indian and global equities extended the sell-off on Monday, as investors’ risk appetite continued to wane after US bond yields hit a four-year high, raising speculation that the Federal Reserve will raise policy rates more aggressively. READ MORE
US stock rout hits Asia hard, erases Nikkei's 2018 gains

The weekend did little to cushion the blow of the biggest US stock rout in two years, with Asian equities facing a barrage of selling as Monday trading got under way.
 
Japan bore the brunt of the declines, with Nikkei 225 Stock Average erasing this year’s gain, while a measure of its volatility surged to the highest since November. READ MORE
Nifty Metal cracks over 4%



Nifty Realty top loser



Sectoral Trend

Sensex heatmap

Market Check

Index Current Pt. Change % Change
 
S&P BSE SENSEX 33,779.06 -978.10 -2.81
 
S&P BSE SENSEX 50 10,800.93 -330.32 -2.97
 
S&P BSE SENSEX Next 50 32,922.15 -1524.33 -4.43
 
S&P BSE 100 10,683.93 -352.48 -3.19
 
S&P BSE Bharat 22 Index 3,625.76 -110.37 -2.95

Market at open
 
At 9:17 am, the S&P BSE Sensex was trading at 33,499 down 1257 points, while broader Nifty50 index was ruling at 10,294 down 372 points.
India-US bond yield spread lower than 5-yr average
 
Indian equity investors should brace for more volatility in the market. Bond yields in the US are rising faster than India, leading to the possibility of a rapid catch-up here, keeping Dalal Street on tenterhooks in the coming weeks.
 
10-year treasury yields in the US are up nearly 50 basis points (bps) in the past two months or up 20 per cent on the base yield of 2.36% at the beginning of December 2017. In the same period, 10-year treasury yields in India went up by 52 basis points or 7.4% on the base yield of 7.06% at the beginning of December.
Top trading ideas by Prabhudas Lilladher:
 
BUY SUN PHARMA 
CMP: Rs 557.45 
TARGET: Rs 605 
STOP LOSS: Rs 535
 
The stock has witnessed a decent correction from the peak of Rs 595 and has now bottomed out at Rs 544 levels which is also where the significant moving average of 200 DMA lies and now has moved above that average to show strength and signifies a positive bias for further upward move. The volume participation has been promising and we recommend a buy in this stock for an upside target of Rs 605 keeping a stop loss of Rs 535. Click here for more
Nifty outlook by Prabhudas Lilladher
 
Market saw a decent recovery from the lows of 10,586 and as of now the level of 10,550 for Nifty can be considered as the major support. The sentiment remains still pessimistic unless and until Nifty gives a close above 10,850 levels. The support for the day is seen at 10,600 while resistance is seen at 10,720. We maintain a cautious view and wait for the market to stabilize.
129 companies to report Q3 results today
 
As many as 129 companies on the BSE are scheduled to report their results for the quarter ended December on Tuesday which include names like ABG Shipyard, Apollo Tyres, BlueStar, Castrol India, Dish TV, Future Retail, Hero Moto, JSW Energy, Lupin, Natco Pharma, PNB, REC, Siemens, SpiceJet, Tata Chemicals and Thermax among others.
GDP growth to slip to 7% in H2 of FY19: BofAML
 
The economy will growth 7.5% level in the first half on a lower base, but will slip down to 7% in the second half of the next fiscal, says a foreign brokerage.
 
Even with the jump, it will continue to trend 1 percentage point lower than the potential growth of the economy, analysts at the Bank of America Merrill Lynch said in a report on Monday.
RBI Policy: MPC may keep policy rate unchanged at 6%
 
Urjit Patel, Governor of the Reserve Bank of India and his five colleagues on the Monetary Policy Committee will not find it too hard to keep the key policy interest rate unchanged at the upcoming policy review on February 7.
 
The 2-day deliberations on February 6 and 7 by the MPC on the repo rate decision are expected to remain tilted towards a pause mode, keeping the near term outlook hawkish.
SGX Nifty
 
Trends on SGX Nifty indicate a negative opening for the broader index in India, a dip of 360 points or 3.37%. 
Asian shares tumble
 
Asian shares fell sharply on Tuesday after Wall Street suffered its biggest decline since 2011 as investors’ faith in factors underpinning a bull run in markets began to crumble.
 
MSCI’s broadest index of Asia-Pacific shares outside Japan dropped 2.8 percent to one-month low, which would be its biggest fall in more than a year and a half, a day after it had fallen 1.6%
 
Japan’s Nikkei dropped 4.6%. Australian shares dropped 3% to their lowest level since October while South Korean shares dropped 2%. All three broke below their 100-day moving average, a major support.
US markets end lower as Wall Street plunges
 
US stocks plunged in highly volatile trading on Monday, with both the S&P 500 and Dow Industrials indices slumping more than 4%, as the Dow notched its biggest intraday decline in history with a nearly 1,600-point drop and Wall Street erased its gains for the year.
 
The Dow Jones Industrial Average fell 1,175.21 points, or 4.6%, to 24,345.75, the S&P 500 lost 113.19 points, or 4.10%, to 2,648.94 and the Nasdaq Composite dropped 273.42 points, or 3.78%, to 6,967.53.
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