Selling Intensifies; Nifty Tanks 3%, Sectoral Indices Bleed; India VIX Surges 22%

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Selling Intensifies; Nifty Tanks 3%, Sectoral Indices Bleed; India VIX Surges 22%
Credit: © Reuters.

By Malvika Gurung

Investing.com -- The week started with the Indian equity benchmark indices opening lower, following weak cues from a brutally ending US market on Friday and declining Asian markets early on Monday, amid selling pressures.

Indices Nifty50 and BSE Sensex were trading 2.8% and 2.77% lower, respectively, after opening 0.31% and 0.35% lower in the pre-Budget week. At 2:15 pm, India VIX surged 24%.

Dalal Street continued its downward streak for the fifth consecutive session, with sell-off being the worst on Monday. 

At the time of writing this report, over 3,000 stocks were trading in red, about 870 stocks had already hit lower circuits, and over 50 stocks recorded fresh 52-week lows.

By 12:45 pm, investors had lost Rs 7.76 lakh crore in a single session, and over the past five sessions, investors on Dalal Street have lost about Rs 18.2 lakh crore.

Investors remain nervous amid looming fears around four interest rate hikes by the US Fed, while they await the results of a two-day Fed policy meeting on Jan 26, besides the monthly expiry of the January month derivatives contract.

At the same time, the heightened tension over the Russia-Ukraine border situation also is a major headwind, along with heavy sell-offs in the tech assets and new-age stocks like Paytm (NS: PAYT ) and Zomato (NS: ZOMT ) by the FPIs.

At 1:20 pm, all the stocks on the 30-scrip BSE were trading in red, led by Tata Steel (NS: TISC ) and Bajaj Finance (NS: BJFN ), down 6.1% and 7.37% respectively, while all stocks on the Nifty50 basket except Cipla (NS: CIPL ) and ONGC (NS: ONGC ) were faring in red.

All sectoral indices bled, led by Nifty Realty down 7.5%, while Nifty Bank was trading 3% lower, and Nifty IT 4%.

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  • Sunny Tiwary @Sunny Tiwary
    Reading such concise and crisp reports does make it easier to go through the developments in the International stage with a lens inclined towards the Indian market.
    Like 0
  • Ashok Kumar @Ashok Kumar
    It will lift upwards tomorrow
    Like 8

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