Friday turns deep red for Indian markets; Sensex sheds over 722 pts so far today; All indices in a nosedive

The Asian counterparts are also on a mixed note with BSE Sensex being the worst hit.

Jun 18, 2021 11:06 IST India Infoline News Service

The colour green which was broadly seen on Indian markets during the early trading session of Friday has now turned into a deep red. All sectoral indices have plunged with banking, metal, auto, oil & gas, consumer durables, healthcare and capital goods in a steep nosedive. The Asian counterparts are also on a mixed note with BSE Sensex being the worst hit.

So far in today's trading bell, Sensex erased 52,000-mark and contracted by more than 722 points with an intraday low of 51,601.11. Nifty 50 went on to scrapping 15,600 and further below 15,500. The 50-scrip index nosedived to the day's low of 15,450.90 and has declined by over 240 points.

The equities indices back at home have shrugged off a sharp fall of bond yields overnight that generally tends to bode well for markets.

At around 11.37 AM, Sensex traded at 51,886.47 lower by 436.86 points or 0.83%. Meanwhile, Nifty 50 tumbled by 152.40 points or 0.97% at 15,539.

On Sensex, the Next 50 largest and liquid stocks made a sharp downward curve as it traded 43,112.13 lower by 773.89 points or 1.76%. The index was the worst hit in the broader markets and has also clocked an intraday low of 42,685.32 - resulting in a nearly 1,201 points drop so far today.

On Sensex Next 50, Vedanta, Adani Green, Ashok Leyland, HPCL, LIC Housing Finance, GAIL and Tata Power weighed down the most by tumbling between 3.5-5%.

BSE Midcap and BSE SmallCap also recorded heavy selling pressure.

The BSE Midcap index dived by 413.48 points or 1.85% at 21,982.59 after touching an intraday low of 21,714.41. JSW Energy, JSPL and Adani stocks such as Adani Power, Adani Transmission and Adani Green dragged by plunging around 5-7%. Future Retail, SAIL, Ashok Leyland, Canara Bank, Cholamandalam Investment, BHEL, L&T Finance Holding and UBL also contributed to the downside by sliding 3.5-5% as well.

After touching an intraday low of 24,037.43, the BSE SmallCap skid by 502.82 points or 2.02% at 24,366.11. Graphite, Nava Bharat Ventures, Electrosteel Castings, Dalmia Sugar, Jai Corp and Albert David weakened between 6.5-11%.

Unlike above broader markets, BSE Sensex 50 that comprises large-cap stocks witnessed a downfall however at a slower pace. The index shed about 130 points. Adani Ports, HUL and Bajaj Auto limited the bears' control.

In terms of sectoral indices, Metal and Banking stocks on BSE were top bears.

The BSE Bankex plummeted by 620.56 points or 1.58% at 38,645.62. The index has touched the day's low of 38,474.03. All stocks were in the red here with SBI, RBL Bank, ICICI Bank, Axis Bank, Kotak Bank and IndusInd Bank in a massive selloff diving between 1-3%.

BSE Metal had a similar fate as all stocks listed on the index also tumbled with Vedanta, JSPL, SAIL, JSW Steel, Coal India, Tata Steel and NALCO slipping between 3-5%. The index fell by 668.81 points or 3.63% at 17,808.81 after touching an intraday low of 17,514.46.

Other sectoral indices such as BSE Auto, BSE Capital Goods, BSE Consumer Durables and BSE Oil & Gas were lower by 300-400 points.

India's volatility index has skyrocketed by 3% as equities indices witness bloodbath.

Even though gold prices inched a little higher tracking surges in of global markets as investors parked their money to value buying at the slide. However, the yellow metal is seen to track its worst week since March 2020 after the US Federal Reserve's hawkish stance on monetary policy boosted dollar and bond yields on Friday.

On the back of the strong dollar and hawkish statement, the Indian rupee dived by 15 paise to 74.23 against the American currency benchmark at the interbank forex markets. 

Related Story

Open Free Demat Account (Rs699)