Nifty Indices That Entered Bear Territory on Monday; Nifty Realty Plunged 30%

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Nifty Indices That Entered Bear Territory on Monday; Nifty Realty Plunged 30%

By Malvika Gurung -- With the domestic market crashing on Monday, in tandem with global peers, several key indices on the Nifty basket have plunged at least 20% from their most recent high, in the session, denoting entering the bear zone, in market parlance. 

For instance, the sectoral index Nifty Bank hit its 52-week high at 41,829.6, and ended at 32,871.25 on Monday, meaning the index plunged 21.4% in the session, entering the bear zone.

Nifty Realty plunged sharply on Monday, down 29.8% compared to its peak at 560.9.

Broader market index NIFTY Smallcap 100 tanked 20.7% from its 52-week high, while NIFTY Midcap 100 momentarily entered the bear territory, tanking 20.2%, thereafter paring losses, down 19.2% from its peak.

A spike of over 10% in oil prices on Monday, soaring to 14-year highs and nearing the $140/barrel mark, as the Iran crude’s return to global markets got delayed and comments of the US and European nations mulling to ban Russian oil imports, led the markets to crash, domestically and globally.

Over the past week, oil has skyrocketed 21%, while other commodities have followed suit. Any rise in oil prices is negative news for the Indian markets and economy, as over 80% of its oil consumed is imported.

Other sectoral indices visiting the bear territory on Monday involved Nifty Private Bank , Nifty Auto , Nifty Financial Services , and Nifty FMCG , among others.

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