Nifty falls 2.66 per cent; India VIX surges over 20 per cent!

Market update at 3.30 PM: Nifty falls for the fifth straight day as the benchmark index plunges about 2.66 per cent to end at 17,149. Sensex tanked 1,775 points while the worst performers happened to be the mid-cap and small-cap as their indices i.e. Nifty Midcap as well as Nifty Smallcap plummeted about 3.86 per cent & 4.78 per cent, respectively.  

All the sectoral indices were under severe selling pressure as they ended in deep red.   

In the last half an hour, Nifty recovered about 150 points. The 17,000 is a crucial resistance as Nifty held on to its support and recovered from there. Sell-off is seen across the global market too as the European market is down by nearly 1 per cent. All eyes would be on the US markets tonight for further clues of the trend. 

Market update at 2 PM: Nifty continues to fall as it plunged over 600 points or 3.5 per cent. Meanwhile, Sensex has tanked over 2,000 points.  

The broader markets have also been hit severely as Nifty Midcap index is down by over 4 per cent while Nifty Smallcap plunged over 5 per cent. No sectoral index showed recovery and thus, the Indian market has been hit across all fronts.  

India VIX has skyrocketed over 24 per cent and is trading over 23, which is the highest in many months.  

The level of 17,000 has been approached quite sooner than expected. Bears have clearly dominated the bulls and the only concern now remains whether Nifty ends below 17,000 or not!  

Market update at 12 PM: Bloodbath continues as Nifty falls over 1.75 per cent and is currently trading below 17,300. Moreover, Sensex has also fallen about 1,200 points! 

All the sectoral indices are in deep red amid the severe sell-off. Nifty Realty, Nifty Media & Nifty IT crashed over 5 per cent, 4 per cent, and nearly 3 per cent, respectively while the rest of the indices are down by around 2 per cent each. 

What’s scarier is that India VIX has surged over 16 per cent and is above 22. The sell-off has aggravated with each passing day and Nifty is within the touching distance from 17,000. Nifty is breaking all supports and the downfall doesn’t seem to bottom out. 

Market update at 10.15 AM: It has been a disappointing start for the week as Nifty plunged over 1 per cent in the initial hour of Monday’s trading session. Meanwhile, Sensex has lost over 600 points.  

All the sectoral indices, apart from banking indices, are in deep red with Nifty Media, Nifty IT, and Nifty Realty falling over 2 per cent each. Nifty Pharma has also slipped over a per cent. However, banking indices are trading flat.   

Amid such chaos, India VIX has shot up by over 11 per cent and is trading above 20. However, ONGC, Sun Pharma, and Cipla are some of the top stocks that are supporting the index. Meanwhile, Divi’s Labs, Bajaj Finance, and Hindalco have fallen over 3 per cent each.  

Nifty is currently trading below 17,500. It remains to be seen whether the index shows any signs of improvement or takes out the key support level of 17,400.  

Pre-market update: Last Friday, the US markets fell drastically with NASDAQ slipping about 2.72 per cent while Dow Jones shelled out 450 points. This impacted the Asian markets, which opened significantly lower on Monday morning. SGX Nifty indicates a loss of about 150 points along with an opening towards 17,500 for the Indian index.  

On the last trading day, the FIIs sold heavily for about Rs 3,148 crore while DIIs bought very little, which was close to around Rs 269 crore. Without the support of DIIs, the Indian markets fell severely on Friday. 

Reliance as well as ICICI Bank, which came out with their results on Friday & Saturday, respectively, have posted strong double-digit growth. The corporate season is witnessing positive growth with most of the top companies posting robust numbers across all sectors. 

Crude oil has cooled off by nearly 1.5 per cent after surging more than 3 per cent last week. Moreover, the precious metals are also trading weak in the morning. However, natural gas is up by more than 3 per cent. 

Some of the top companies declaring results today include Axis Bank, HDFC AMC, SBI Cards, Shriram Transport Finance, etc.  

With Nifty likely to open gap-down, focus will on the initial hour to anticipate the trend for the rest of the day. Volatility will be expected throughout the day.