7 Feb 2022 , 03:02 PM
Indian markets extend losses during the second half of Monday’s trading session with benchmark Sensex erasing below 57,300-mark and Nifty 50 giving up on 17,200-level so far in the day. A broad-based selloff was recorded across the baskets with private banks, FMCG and financial stocks nosediving the most.
Except for PSU Bank, all other sectoral indices were in a bloodbath. India’s volatility index climbed by 9.5%, while sharp free fall was recorded in Midcap and SmallCap stocks as well.
At around 3.02 pm, Sensex was trading at 57,683.06 lower by 961.76 points or 1.6%. The index has dropped to the day’s low of 57,299.05.
Nifty 50 performed at 17,238.10 lower by 278.20 points or 1.59%. The benchmark has hit an intraday low of 17,119.40.
Nifty PSU Bank was the only bull and gained over 2% so far today. Bank of Baroda, Union Bank of India and SBI were in focus amid their Q3 results. Heavyweight SBI and BoB lifted the index. Meanwhile, Nifty Metal recovered some early losses.
Nifty Private Bank slipped over 2% with heavyweights HDFC Bank (-4%), Kotak Bank (-3%), IndusInd Bank (-2%), ICICI Bank (-2%) and Axis Bank (-1%) taking a massive toll.
Nifty Financial Services and Nifty FMCG shed about 2.5% and 2% respectively.
Top bulls on Nifty 50 were – Power Grid (+2%), ONGC (+1.5%), NTPC, SBI and Tata Steel.
Top bears on Nifty 50 were – Tata Consumer Products, HDFC Bank, HDFC Life, Britannia and Bajaj Finance tumbling between 3-4%.
This week markets sentiment will be influenced by RBI’s MPC meeting, Q3 corporate earnings, US inflation data and other global indices performance.
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