D-St Bloodbath Snippet: Sensex Dives, F&O Expiry, VIX Up 9%, Banks Crash

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D-St Bloodbath Snippet: Sensex Dives, F&O Expiry, VIX Up 9%, Banks Crash
Credit: © Reuters.

By Malvika Gurung

Investing.com -- The domestic market witnessed a negative opening on Wednesday and widened the losses further in the session amid negative cues and a wide sell-off on the Street, led by Adani Group stocks.

At the time of writing, benchmark indices Nifty50 tanked 1.18% to 17,905.05 points and Sensex plunged 710.3 points or 1.16%. The market volatility barometer jumped 8.51%.

Losses on Dalal Street were led majorly by banking and financial stocks, while auto stocks provided some relief. The Nifty 50 Futures listed on the Singapore-based Exchange SGX fell 1.24% or 224 points at 1:13 pm, indicating further weakness on Dalal Street.

On the Nifty pack, Adani stocks - Adani Ports and Adani Enterprises (NS: ADEL ) tanked up to 7%, while market heavyweights SBI (NS: SBI ), HDFC twins, ICICI Bank (NS: ICBK ), L&T, Reliance Industries (NS: RELI ) and IndusInd Bank (NS: INBK ) led the losses, while biggies including Maruti Suzuki (NS: MRTI ), Hindustan Unilever (NS: HLL ), Bajaj Auto (NS: BAJA ), Hindalco (NS: HALC ) and Hero Moto supported the benchmark index.

All the seven listed stocks of Adani Group tanked on Wednesday, along with the recently-acquired cement stocks ACC (NS: ACC ) and Ambuja Cements (NS: ABUJ ), following a Hindenburg Research report that alleged the conglomerate to be engaged in a brazen stock manipulation and accounting fraud scheme over the course of decades.

Further, the weekly and monthly derivative expiry which is generally on Thursday is falling in today’s session as Jan 26 is a national holiday. The F&O contracts expiry has added to Wednesday’s volatility.

Barring Nifty Auto , all sectoral indices under the Nifty umbrella traded in red, led by a 3.43% crash in Nifty PSU Bank , aided by a 5% plunge in Bank of India (NS: BOI ) and Bank of Baroda (NS: BOB ), while Nifty Bank plummeted 2.3%.

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  • Krishna Iliger @Krishna Iliger
    recession fear
    Like 0
  • Mitali Praveen @Mitali Praveen
    what was the major reason for today's crash??
    Like 0
    • vinayak bhat @vinayak bhat
      Pre budget corrections. On budget day, I expect a great rally.
      Like 0
    • Mitali Praveen @Mitali Praveen
      Like 0
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