Bears Gain Control: Sensex Plunges, Financial Stocks Bleed, Wealth Eroded & More

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Bears Gain Control: Sensex Plunges, Financial Stocks Bleed, Wealth Eroded & More

By Malvika Gurung

Investing.com -- Indian equity benchmark indices ended a volatile session lower, following sharp sell-offs in the global markets, led by an aggravated energy crisis, rising Covid-19 curbs in China and weak economic outlook, and the ongoing Russia-Ukraine war, building a grim foundation for the upcoming aggressive interest rate hike by the US Fed.

Benchmark gauges Nifty 50 ended 0.94% lower and Sensex lost 537.22 points or 0.94% on Wednesday, while the fear barometer India VIX gained 7.67% in the session to settle at 20.66.

Investors on Dalal Street lost wealth worth Rs 2.5 lakh crore in the session. Furthermore, investors globally shifted their funds to safe havens from riskier assets like equities, due to high volatility over fears of a global economic slump and the US Fed’s aggressive monetary tightening to tame soaring inflation.

Broader markets ended lower too, with Nifty Midcap 100 declining 0.86%, Nifty Smallcap 100 shedding 0.61% and Nifty 500 plummeting 0.96% in the session.

On the sectoral indices front, all indices listed under the Nifty basket ended in red, except Nifty Media which ended on a muted note. Nifty Financial Services slumped the most and Nifty Bank ended 1.03% lower.

78% of stocks listed on the Nifty50 index ended the session in red, led by Bajaj Finance (NS: BJFN ), which tanked 7.24%. Auto company Hero MotoCorp (NS: HROM ) gained the most, rising 4%.

Only 6 out of 30 stocks on Sensex ended in the green.

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