Sensex plunges over 1,000 points, recovers later

Sensex plunged by over one thousand points on Friday afternoon with YesBank, Adani Ports, Tata Motars falling sharply as huge selloff was witnessed in automobiles, FMCG products and pharmaceuticals.

Dewan Housing Finance Corporation(DHFL) market cap tanked 10,000 crore in market capitalizationat one point as the Nifty went below 11,000 level.

DHFL stock slipped below Rs 400 per share to go down 40 per cent in intraday trade.

Several stocks in the BSE 500 lost over 10 per cent in market value including Jaipark, Indiabulls andDewan HSG.

The markets recovered later to be down by 374.74 points or 1.01% at 36746.48.

The Rupee too lost ground after going down below 72 on Thursday.

The benchmark BSE Sensex had recovered by 231.40 points, or 0.62 per cent, to 37,352.62 in morning trade. The Sensex had lost 969.42 points in the previous three sessions.

On Friday morning, the NSE Nifty went past 11,300 to trade at 11,318.50, gaining 84.15, or 0.75 per cent.

Overseas, most Asian shares were trading higher, tracking positive closing in the US market overnight.Shanghai Composite Index was up by 0.90 per cent, Hong Kong's Hang Seng rose 1 per cent.

Japan's Nikkei too inched 0.50 per cent higher after a data release earlier showed that the country's nationwide core consumer price index for the month of August rose 0.90 per cent compared to a year ago.

The US Dow Jones Industrial Average ended 0.97 per cent higher on Thursday.