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Markets in a bloodbath; Sensex falls 500 pts, Nifty 50 under 16,900; Banking stocks worst hit

The Banking index has tumbled more than 500 points.

September 28, 2022 9:42 IST | India Infoline News Service
Indian markets traded on a bearish tone following weak global cues on Wednesday. The 30-scrip index has dipped more than 550 points, while the 50-scrip index slumped over 160 points so far in the opening bell. India's volatility index has climbed nearly 2.3%.

A broad-based sell-off was witnessed across sectoral indices with banking stocks taking a steep free fall. Metal stocks witnessed a massive profit booking that can lead to further pressure in equity benchmarks. FMCG and consumer durables stocks also joined bear territory to drag the overall markets.

The domestic equities are expected to be volatile and investors may brace for more corrections in this bearish scenerio despite ahead of festive season in India.

At around 09.41 am, Sensex was trading at 56,556.52 lower by 551 points or 0.96%. The index has touched an intraday high and low of 56,727.32 and 56,498.72 respectively.

Nifty 50 traded at 16,846.95 below 160.45 points or 0.94%. The index has touched an intraday high and low of 16,825.40 and 16,890 respectively.

In terms of sectoral indices, on NSE, the Banking index has tumbled more than 500 points, while the FMCG and consumer durables index has slipped 260 points or 200 points.

Top bulls on Nifty were - Cipla surging 1.4% followed by Dr Reddy's soaring 1.3%. Sun Pharma advancing 0.9%. Eicher Motors and Divis Lab zooming 0.4% and 0.2% respectively.

Top bears on Nifty were - ITC plummeting 2.1% followed by JSW Steel, IndusInd Bank, HDFC Bank, HDFC dived nearly 2% each.

On the global front, Asian markets opened in the red today led by the Japanese 'Nikkei' which was down over 250 points. Chinese stocks also saw lacklustre trade despite signs of rebound in manufacturing activity.

Moreover, US markets saw another volatile day with all rallies again getting sold into as Dow Jones sees swings of over 700 points before closing lower by 125 points. Nasdaq manages to close in the green as technology stocks like Apple & Meta lead the gainers.

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