The Sensex slumped on heavy selling - mainly at the technology, auto and FMCG stocks - today. The index, which opened with a positive gap of 30 points, moved up to touch a high of 11,703.However, unabated selling in the market saw the index tumble to a low of 11,303 - down 400 points from the intra-day high. The index finally settled with a huge loss of 307 points (2.6%) at 11,356.The Nifty lost 98 points to close at 3,380. The stock market crashed on Wednesday, wiping off Rs 35,715 crore (Rs 357.15 billion) of investors’ wealth, as the benchmark index registered its largest single day fall since the formation of the UPA government in 2004.But operators said there was “no need to panic” and termed the fall as a “technical correction of the overheated market”.The fall of 307 points in Sensex, which closed at 11,355.73, was the second heaviest since it tanked 563 points on May 17, 2004 when the UPA government was being formed. Marketmen said the fall was a mere correction and that “a correction was long due” in the overheated market. But there was no panic among players and some rather said this could provide a fresh opportunity to enter the market.
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