Markets in a bloodbath on broad-based selloff; Sensex slips 700 pts, Nifty 50 gives up 16,500; IT, metal, realty stocks nosedive

6 May 2022 , 10:04 AM

Indian markets nosedived massively on Friday's trading bell led by a massive selloff on a broad-based level across sectoral indices. IT, metal and realty stocks were the worst hit diving 2% each. Sensex sheds more than 800 points so far with an intraday low of 54,721.78. Meanwhile, Nifty 50 gives up 16-500-mark in early deals and plummetted at least 300 points with the day's low of 16,382.50.

The performance comes day after FOMC meeting due to which anxiety over rising interest rates pulled the investors sentiments. RBI policy rates hike also swayed the investors interest to the markets.

Further, Life Insurance Corporation of India’s initial public offering, the country's biggest ever, was fully subscribed on the second day of bidding and now the third day bidding is focus with i ssue subscribed 1.03 times; Retail portion booked 93% on Day 2.

At around 9:49 AM, Sensex is trading at 54,920.34 down by 781.89 points or 1.40%. Nifty 50 performs at 16,399.85 lower by 282.80 points or 1.70%.

All the stocks are trading in the red on Nifty 50. Nifty banking and financial, auto, IT stocks were in a nosedive. Tata Motors took the top spot on the underperformers list on Nifty slipping by 3.2% followed by Apollo Hospitals tumbling by 3.1%. HCL Tech and Bajaj Finance slumped by 3%. Wipro also dived by nearly 2.9%.

Stocks like UPL, Bajaj Finserv, Hindalco, JSW Steel, Britannia, Tata Steel plummeted between 3-2.5%. 

In terms of sectoral indices, the Nifty Bank nosedived by more than 650 points. Bank IT also slipped around 690 points. The Nifty metals dropped by 110 points, whereas the Nifty Consumer Durables plunged nearly 490 points.

Globally, US stocks also tumbled by erasing gains made during a rally on Wednesday as the Nasdaq suffered its largest one-day percentage drop since June 2020.