Sensex Closes 318 Points Lower, Nifty Below 7500; End of Hopes

All the gains of the post Narendra Modi regime since May 2014 have gone with this week's closing of the trading on Friday.The markets cheered and investors were ecstatic and the Sensex touched a record high of 25,000 points on May 16, 2014, the day the general election results were announced. The hopes were high on the country’s new leader.

After 20 months, that euphoria on Dalal Street has now decidedly ended. The markets are back to where they were before Modi took office. On January 12 (Tuesday), the Sensex fell 143 points to close at 24,682.03 points. This was the index’s lowest closing level in 19 months. The index wiped out all gains made since the new government was sworn in. It has been hovering around those levels since. For instance, on Thursday, January 14, it was trading at 24.683 points. Equity benchmarks ended at 19-month closing low amid late sell-off on Friday. The Sensex crashed 317.93 points or 1.28 percent to 24455.04 and the Nifty fell 99 points or 1.31 percent to 7437.80. Banking & financials, metals, infra and FMCG stocks dragged the market but Reliance Industries and Infosys capped downside.