Manic Monday: Nifty Falls Below 17,000; Volatility Zooms 16%; PSU Stocks Bleed

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Manic Monday: Nifty Falls Below 17,000; Volatility Zooms 16%; PSU Stocks Bleed
Credit: © Reuters.

By Malvika Gurung -- Indian equity benchmark indices ended lower for the second consecutive session on Monday, led by a sharp sell-off in global markets, as anxiety grew over faster interest rate hikes conducted by the US Fed in 2022, along with wider Covid-19 lockdowns imposed in China, the ongoing Russia-Ukraine war and Indonesia banning the export of crude palm oil, a key inflation driver.

Furthermore, foreign investors continued their selling of Indian shares, having sold about Rs 12,300 crore from the domestic market in April so far, and over Rs 2 lakh crore since October 2021. Such uncertainties are favouring a bear trend in the short-term, stated experts.

Headline indices Nifty 50 ended 1.27% lower and BSE Sensex lost 671.26 points or 1.08% on Monday, with drops in heavyweights Reliance (NS: RELI ) and Infosys (NS: INFY ) contributing to 30% of the fall in Nifty.

For the first time in over 5 weeks, the Nifty ended below 17,000.

On the sectoral front, all indices listed under the Nifty basket except Nifty Bank and Nifty Private Bank ended in the red. Nifty Realty plunged the most, nearly 4%, while Nifty Metal plummeted almost 3%. Nifty Bank gained 0.1%.

The fear barometer India VIX jumped 16% to 21.25 on Monday.

84% of stocks listed on the Nifty50 index ended the session in red, led by Coal India (NS: COAL ), BPCL (NS: BPCL ) and Tata Steel (NS: TISC ), tanking 4-7% each, while Bajaj Auto (NS: BAJA ), HDFC Bank (NS: HDBK ) and ICICI Bank (NS: ICBK ) gained 1-2%, lending some support to the market.

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  • Nilesh Jadhav @Nilesh Jadhav
    in last 30 min market recover.. so will be gapup tomorrow
    Like 2

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