Bloody Tuesday; Sensex sheds 540 pts, Nifty 50 drops 174 pts so far today; FMCG shrugs off bearish markets

Except for FMCG stocks, all other sectoral indices were in a steep contraction. IT stocks were flat. Midcap and small-cap stocks also underperformed.

Jul 20, 2021 01:07 IST India Infoline News Service

Bear Market
After a sharp nosedive in global cues, the Indian markets were in a bloodbath on Tuesday led by a broad-based selloff with banking stocks being the worst hit. Except for FMCG stocks, all other sectoral indices were in a steep contraction. IT stocks were flat. Midcap and small-cap stocks also underperformed. Meanwhile, India's volatility index skyrocketed by at least over 11% so far today.

Today, Sensex has declined by nearly 540 points with an intraday low of 52,013.51. Nifty 50, meanwhile, plummetted by as much as 174 points with the day's low of 15,578.55 in comparison to the previous day.

Overnight, on Wall Street, US indices settled lower after a sharp free fall. Dow Jones logged the worst day of 2021 as it skids more than 700 points while Nasdaq declines 1%. Bond yields declined to the lowest since January hitting 1.18%, while the dollar currency hits 6-month highs at 92.85. Oil prices fell over 7% in the biggest fall of 2021.

At around 1.03 PM, both benchmarks Sensex and Nifty 50 have recovered some losses as Dow Futures up nearly 200 points.

Sensex trades at 52,286.88 down by 266.52 points or 0.51%. Nifty 50 performed at 15,657.55 lower by 94.85 points or 0.6%.

Gainers on Sensex are - Ultratech Cement and Asian Paint surged by 2.4% and 2.2%. Hindustan Unilever soared by 1.5%. Bajaj Auto climbed by 0.75%, while TCS and Infosys jumped by 0.5% each.

On the downside, IndusInd Bank dipped by 2.5%, while HCL Tech, M&M and Bharti Airtel slumped more than 2% each. ICICI Bank slipped by 1.9%, while HDFC Bank and NTPC fell by 1.8% each. Tata Steel dived by 1.6%.

Other stocks such as L&T, SBI and Dr Reddy's Lab tumbled more than 1% each.

Asian Paint, Bajaj Finance, ICICI Prudential and ICICI Securities are among the stocks which are in focus ahead of their Q1 results.

BSE Midcap and BSE SmallCap slipped by 247 points and 323 points respectively.

In terms of sectoral indices, BSE Bankex contracted by 578 points. The index slipped more than 775 points so far today. BSE FMCG, on the other hand, rose by 0.3%. 

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