Oil at $111, markets in panic mode: What triggered today’s big selloff?
Dalal Street witnessed heavy selling pressure in early trade as rising crude oil prices, weak Asian markets and geopolitical worries dragged benchmark indices sharply lower.
The Indian stock market opened with a severe downturn on Monday, with the Sensex crashing nearly 2,600 points and the Nifty falling below the 24,000 mark.
The sharp decline reportedly wiped out nearly ₹17 lakh crore from the market capitalization of all listed companies on the Bombay Stock Exchange (BSE).
The market turmoil was primarily driven by growing concerns over a potential recession in the United States. The fear spurred a flight from riskier assets, leading to widespread selling, particularly in heavyweight stocks.
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As of 11:40 AM, the major gainers on the National Stock Exchange (NSE) included Britannia, which rose by 1.86%, followed by Hindustan Unilever (0.85%), Tata Consumer Products (0.70%), Nestle India (0.59%), and Sun Pharma (0.27%).
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On the flip side, the biggest losers were Tata Motors, which plunged 5.67%, Infosys (-5.40%), ONGC (-5.30%), Tech Mahindra (-4.99%), and Hindalco (-4.71%).
By 11:44 AM, a total of 4,042 stocks had been traded on the BSE, with a staggering 3,401 stocks declining, 536 advancing, and 105 remaining unchanged.
The market’s volatility was underscored by the fact that 178 stocks hit a 52-week high, while 57 stocks dropped to a 52-week low. Additionally, 503 stocks were locked in the lower circuit, and 229 were in the upper circuit.
The fear gauge, India VIX, surged by 59%, marking its largest spike since 2015, reflecting the heightened anxiety among investors.
At the time of writing, the Sensex was trading at 78,473.35, down by −2,508.60 points, or 3.10 per cent. The Nifty was at 23,948.70, down by 769.00 points or 3.11 %.
The Sensex even dipped below its Budget-day low of 79,224 during early trade, while the Nifty50 fell below its 20-day moving average (20-DMA).
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