Stock market snaps 3 days fall; FMCG, banks gain
At close, the Sensex was up 375.61 points or 0.46% at 81,559.54, and the Nifty was up 84.20 points or 0.34% at 24,936.40.
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.
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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