It’s Monday Mayhem again; 7 of ten biggest crashes on Mondays

Monday, Aug 24, 2015,17:49 IST By metrovaartha A A A

Mumbai | It was a ‘Black Monday’ again in markets today and history shows that seven out of the ten biggest carnages on Dalal Street has taken place on a Monday! This strange coincidence holds true for biggest crashes in terms of intra-day movements as well as the closing levels of the market benchmark Sensex.
The Sensex today closed for the day at 25,741.56, down 1,624.51 points — marking the biggest ever mauling it has received historically. The second highest closing fall for the markets was also on a Monday, January 21, 2008, when it closed for the day down 1,408.35 points. March 17, 2008, a Monday again, saw a decline of 951.03 points, the third highest and March 3, 2008, which was also a Monday incidentally, saw a fall of 900.84 points, the fourth highest on record.
Out of the ten biggest falls at closing levels, seven has been on Mondays, two on Thursdays and one on Tuesday. In terms of intra-day crashes, today’s 1,624.51 points fall is the third biggest ever since the 2,272.93 points fall on January 22, 2008 and 2,062.20 points in January 21 (a Monday). Out of ten intraday fall, six were on Mondays, two were on Fridays, one each on Tuesday and Wednesday.
In the worst-ever carnage in stock market, benchmark Sensex today crashed by 1,624.51 points and nearly Rs 7 lakh crore got wiped out from the investors’ wealth as rout in Chinese stocks triggered a global sell-off. The intra-day fall was even larger at 1,741.35 points — the third biggest ever and highest in over seven years since January 21, 2008, even as Finance Minister Arun Jaitley and RBI Governor Raghuram Rajan, among others, sought to allay the fears and said fundamentals of Indian markets remain strong.