Markets bleed; Nifty 50 around 16,930; IT, Banking, Consumer Durables worst hit; All stocks on Sensex nosedives; TCS, Tata Steel, Bharti Airtel top bears

22 Feb 2022 , 10:42 AM

After a gap-down opening, Indian markets extended their losses and were in a bloodbath on Tuesday with all sectoral indices facing deep corrections. The heavy selloff at home was due to weak global cues as appetite for equities soured after news broke out that Russia ordered troops into eastern Ukraine.

The broader markets on BSE and NSE were bleeding with small caps taking the most beating. India’s volatility index (VIX) skyrocketed nearly 18%.

At around 10.42 am, Sensex was trading at 56,775.75 down by 907.84 points or 1.57%. The index has touched an intraday low of 56,394.85.

Nifty 50 performed at 16,934.35 lower by 272.30 points or 1.58%. The benchmark has clocked an intraday low of 16,843.80.

All stocks listed on Sensex was trading lower.

TCS (+3.3%), Tata Steel (+2.8%), Bharti Airtel (+2.7%) followed by Power Grid, Dr Reddy’s Lab, IndusInd Bank, L&T, SBI, Reliance Industries, Asian Paint, Bajaj Finance, Titan, Sun Pharma, Axis Bank, Bajaj Finserv, HUL, NTPC, HCL Tech, Maruti Suzuki and HDFC Bank shedding between 1.4-2.5% on Sensex.

Banking, IT and Consumer Durables stocks were the worst hit. On BSE, the Bankex index slipped 645 points, while the Consumer Durables and IT index dropped 595 points each. The metal and Oil & Gas index plummeted by 1.9% and 1.8%. All sectoral indices were in red with a downside ranging from 0.6-2.5%.

SmallCap stocks underperformed on BSE with the index diving by nearly 490 points. The Sensex Next 50 dipped 500 points.