Benchmark indices had a rough day on the bourses on Monday slipping almost 3 per cent each as weak global cues fueled panic selling amongst investors, resulting in a broad-based selloff.

Nifty 50 plunged 824 points, falling below 24,000 for the first time since late June, while Sensex dropped by 2,686 points to an intra-day low of 78,295.

At close, the Sensex was down 2.74% at 78,759 and the Nifty was down 2.68% at 24,055.

This sharp decline was triggered by disappointing US economic data for June, which revealed the fastest contraction in manufacturing activity since December 2023, slowed job growth, and an unexpected rise in the unemployment rate to 4.3 per cent.

India’s VIX also surged by over 42 per cent to be at around 20.37. The volatility index rose as much as 52%, the highest since August 2015, a nigh-year-high.

The market crash wiped the overall market capitalisation of the firms listed on the BSE to nearly ₹442 lakh crore from nearly ₹457 lakh crore in the previous session.

Commenting on the Nifty 50 and Sensex crash on Monday, Mahindra said that it was time to play the ‘long game’ in Indian stock markets.

“Never a better time to deploy the ancient Indian practice of Pranayama. It’s about breathing deeply and looking inwards. What I see is an India that is an oasis in the world. Whose Rise will not be impeded in the medium to long term. Play the long game…,” Mahindra wrote in a post on social media platform X.

Among the sectors, Nifty Metal and Realty were the worst hit, tanking 5 and 4.5%, respectively.

Metal stocks such as Tata Steel, Hindalco, and JSW Steel were the major laggards.

Nifty Auto and Energy index slipped almost 4%. Tata Motors was the top loser on the Nifty, tanking almost 8%.

The Midcap index underperformed compared to the Nifty 50 as the Nifty Midcap 50 closed 3.28% down. Small-cap stocks also underperformed, with the Nifty Small Cap 100 ending at 18,800.6, down by 858.6 points, a 4.57% decrease.

On Nifty index, the top gainers were Hindustan Unilever (0.87%), Nestle India (0.63%), HDFC Life Insurance Company (0.49%), and Tata Consumer (0.48%).

The top losers were Tata Motors (7.31%), Oil & Natural Gas Corporation (6.01%), Adani Ports & Special Economic Zone (5.93%), Tata Steel (5.31%), and Hindalco Industries (5.21%).

The bloodbath on Dalal Street followed the slump in global equity markets. Asian markets tumbled with Japan’s benchmark Nikkei 225 stock index falling nearly 13 per cent.

Fears of a looming recession in the US jolted the risk appetite investors globally after the latest US jobs data which showed unemployment rate jumping to near a three-year high of 4.3 per cent last month.