Black Monday for markets: Nifty extends its fall to over 300 points; India VIX jumps more than 15 per cent!

Reliance Industries and Bajaj Finance have jointly contributed as much as 116 points to Nifty’s fall.   

Market Update at 12:27 PM: Indian markets have been in a downward spiral from the word go as currently, Nifty & Sensex are down by 1.83 per cent each.

In Nifty 50, only four stocks were seen trading in the green while 46 stocks were trading in the red. Reliance Industries and Bajaj Finance have jointly contributed as much as 116 points to Nifty’s fall.   

India VIX has jumped over 15 per cent and moved above 17. 

Market Update at 11:50 AM: Selling pressure has been witnessed in the first trading session of the week as both Nifty & Sensex plunged over 1 per cent.   

Nifty slipped below its 50-EMA and also, breached the previous swing low of 17,613 decisively on Monday. With this, it resulted in the breakdown of Trader Vic’s bearish 1-2-3 price pattern. Also, the 14-period RSI on the daily chart has reached its lowest level since March 25 and it is currently below the 40-mark.   

The broader markets were seen underperforming as Nifty Midcap 100 and Smallcap 100 tanked 1.89 per cent & 1.75 per cent, respectively.   

Among the sectoral index, barring Nifty Metal, all other indices were seen trading in the red.   

After opening with a modest uptick, the Indian benchmark indices witnessed a sharp sell-off in the initial 5 to 10 minutes of trade. Nifty plunged more than 100 points and also, slipped below the 17,700 mark while Sensex tanked over 350 points and inched lower below the 59,300 mark.  

The index heavyweight i.e. Reliance Industries is down by more than 3.5 per cent and also, contributed as much as 68 points to Nifty’s fall. Meanwhile, Bajaj Finance and Kotak Mahindra Bank too contributed 9.47 & 8.38 points in Nifty’s fall. While on the other hand, Bharti Airtel has was among the top gainers on Monday.   

All the sectoral indices were seen trading in red with Nifty Realty and Nifty Energy being the top losers as they lost 2.27 per cent & 1.73 per cent, respectively.   

The broader markets are also bleeding red with Nifty Midcap 100 and Smallcap 100 being down by 1.50 per cent & 1.55 per cent, respectively.   

Interestingly, despite the severe fall in the markets, there is one stock that is seen buzzing and scaling to a fresh all-time high and that is Sastasundar Ventures. The stock got locked at its upper circuit limit after Flipkart Group announced its foray into the healthcare sector through the launch of Flipkart Health+. As a part of this development, the Group has signed definitive agreements to acquire a majority share in Sastasundar Marketplace Limited, which owns & operates SastaSundar.com, an online pharmacy, and digital healthcare platform, as it focusses on providing consumers’ access to affordable & convenient healthcare.