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Markets trade lower on broad-based selloff; Sensex down over 360 points, Nifty 50 erases 16,900; RBL Bank, IndusInd Bank top bears

Cipla, Divis Labs and Power Grid Corporation were among the major gainers on the Nifty, while the losers were IndusInd Bank, Bajaj Finance, Bajaj Finserv, Tata Consumer Products and Axis Bank.

December 27, 2021 9:30 IST | India Infoline News Service
Businessman protect his piggy bank from bear market
Indian markets enter the last week of the calendar year 2021 with a massive selloff in the early bell led by a broad-based selloff across sectoral indices. Sensex crashed 600 points and was trading near 56,400 levels, while the broader Nifty 50 index was ruling near 16,850, down 150 points in the pre-opening session on Monday's trade.

At 09:16 IST, the Sensex was down 450.80 points or 0.79% at 56,673.51, and the Nifty was down 130.60 points or 0.77% at 16,873.20. Around 1,018 shares have advanced with 1056 shares declined, and 99 shares remained unchanged.

Cipla, Divis Labs and Power Grid Corporation were among the major gainers on the Nifty, while the losers were IndusInd Bank, Bajaj Finance, Bajaj Finserv, Tata Consumer Products and Axis Bank.

In terms of sectoral indices, on NSE, banking, Bank Nifty, realty, media and metal dragged over 1 per cent, on the other hand, pharma and healthcare stocks showed buying interest.

India VIX surged 5.83 per cent at 17.09.

Shares of HP Adhesives will also be in focus in the final week of 2021 and it was oversubscribed more than 20 times.

Further, shares of RBL Bank hit a 52-week low after RBI has appointed Yogesh K Dayal as an additional director on the board of the bank.

Moreover, Asian markets were subdued in thin holiday trade this morning while oil prices traded mixed on concerns over the outlook for fuel demand. Japanese 'Nikkei' trading lower by 75 points in early trade while the Chinese & Taiwan markets traded higher. This is as investors await the dawn of the new year with expectations that the 'Omicron' passes off early & normalization of lifestyles comes back fast.

US markets closed for a holiday on Friday see futures edge up as markets gear up to reopen this Monday with S&P 500 index inching towards new all-time highs. Nasdaq would be the index to watch as earnings from large Corporates expected to beat estimates. Bond yields trade near 1.45% while US$ edges higher to trade near 96.16.

The U.S. and major European markets were closed on Friday for Christmas.

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