Street Painted Red: Tata Stocks Plunge Most on Nifty, ‘Bears Are Alive & Kicking’

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Street Painted Red: Tata Stocks Plunge Most on Nifty, ‘Bears Are Alive & Kicking’
Credit: © Reuters.

By Malvika Gurung -- Indian equity benchmark indices extended their rout for the second consecutive session on Monday, taking cues from weak Asian and global markets amid rising dollar and US bond yields, and expectations of the Federal Reserve adopting an aggressive monetary tightening at the Sept policy meet, instilling concerns of global growth.

Indices Nifty50 tanked over 1.5% and the 30-scrip Sensex retreated 872.28 points or 1.46% on Monday. Investors in the domestic market lost wealth worth Rs 6.5 lakh crore in the two consecutive losing sessions.

All sectoral indices listed under the Nifty basket ended the day deep in red, led by Nifty Metal plunging 3%, while realty, banking and financial, and auto sectors followed suit. Nifty Bank tanked 1.77%.

Tata Consumer Products (NS: TACN ), Coal India (NS: COAL ), ITC (NS: ITC ) and two more stocks were the only ones ending in green under the Nifty50 index, while Tata Steel (NS: TISC ), Tata Motors (NS: TAMO ) and Adani (NS: APSE ) Ports were the top laggards.

ITC and Nestle (NS: NEST ) were the only stocks under the 30-scrip index Sensex to end the session higher.

“Bears are alive and kicking. Nifty50 has corrected 500 points in only two trading sessions after registering a high of approximately 18,000 on Friday. The sharp sell-off in two trading sessions could be a sign of worry for bulls but it will be too early to call this an end of the bull run. Markets may consolidate from here before starting another leg up again,” stated Ashish Gupta, Volatility Trader and Derivatives Expert.

Read Also: Day 2 of D-Street Crash - Key Factors, Wealth Lost, Experts’ Advice to Investors

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