Indices fall over 2 per cent at the end of the day; Banks, auto, metals, and media drag the market
Market update at 3.30 PM: Nifty plunged 2.18 per cent at the end of the day while Sensex tanked over 1,200 points. There was some recovery towards the end of the session as Nifty gained about 200 points from its day’s low.
All sectoral indices ended in red, with metal, auto, media & banking stocks dragging the market down. With such a huge sell-off, India VIX shot up by over 16 per cent. The top losers include BPCL, Tata Steel, and Tata Motors. However, Cipla & Hindustan Unilever supported the market during this sell-off, which surged over 4 per cent and 1 per cent, respectively.
It has been a bad start to the week and the level of 16,500 got tested. All eyes would be on Omicron updates to get some clarity of the situation.
Market update at 1 PM: Bloodbath continues as Nifty plunged below 16,500 and has slipped over 3 per cent while Sensex tanked over 1,700 points. Moreover, India VIX is over 19 per cent up.
All the sectoral indices are trading lower with no signs of recovery. The top stocks dragging the market include Bajaj Finance, Tata Motors, and IndusInd Bank, each falling by over 5 per cent.
Bears are in no mood to loosen the grip over the market and with this, Nifty now heads towards its 200-DMA, which lies at 16,250 level.
Market update at 10.15 AM: It has been a disastrous start for the week as Nifty plunged 2 per cent while Sensex tanked over 1,100 points. What’s more disturbing is the fact that it is a broad-based selling as both Nifty Midcap and Nifty Smallcap slipped over 3 per cent each.
All the major sectoral indices are in deep red whereas, India VIX surged more than 10 per cent.
Shriram Properties got listed at a 20 per cent discount to its IPO price on a badly-hit day. All eyes are now on how the session progresses to find further signs of recovery.
Pre-market update: Asian markets opened weak on Monday morning amid weak global cues with SGX Nifty indicating 120-point lower opening for Nifty.
Last Friday, US markets closed lower with Dow Jones falling over 500 points. Omicron scare continues as more European countries are recording a surge in the number of COVID cases.
Last Friday, FIIs turned out to be the net sellers again as they sold about Rs 2,070 crore worth of equity whereas, the DIIs bought equity worth Rs 1,478 crore. We have been observing this trend for a while now.
Crude oil and natural gas are trading deep in red early in the morning while the precious metals are trading flat.
As Nifty is expected to open near 16,800, it remains to be seen whether Nifty will take the support at this level or breaches it in the initial hour.