Markets in a free fall; Sensex scraps 57k, Nifty 50 erases 17k; Midcap, SmallCaps worst hit; Bajaj twins, RIL, Titan, Tech Mahindra, Tata Steel, HCL Tech drag

24 Jan 2022 , 02:42 PM

Indian markets were in a free fall in the second half of Monday’s trading session due to a broad-based selloff across sectoral indices. Sensex erased 57,000-mark and has nosedived by more than 2,050 points. Nifty 50 has also scrapped over 17,000-level and dived by around 620 points. Both benchmarks have been corrected by 3.5% each.

Investors await major Q3 earnings. Also, this week’s trading session will be influenced by the upcoming Union Budget announcement.

At around 2.32 pm, Sensex was trading at 57,352.53  down by 1684.65 points or 2.85%. The index has touched an intraday low of 56,984.01. All stocks listed on the benchmark are in the red.

Nifty 50 traded at 17,123 lower by 494.15  points or 2.8%. The index has touched an intraday low of 16,997.85. Except for Cipla and ONGC, all other stocks listed on the benchmark tumbled.

Midcap and SmallCap stocks were the worst hit. On BSE, the MidCap and SmallCap index slipped by over 1,005 points and 1,380 points respectively.

All sectoral indices were in the red with a downside ranging from 2-7%.

On BSE, the Consumer Durables index shed nearly 2025 points, while the IT and Bankex dipped nearly 1,215 points and 1,075 points. In percentage terms, the Realty index took the most beating with a drop of nearly 7%.

Top bears on Sensex were – Bajaj Finance, Tata Steel, Titan, Tech Mahindra, Wipro, Bajaj Finserv, HCL Tech, Reliance Industries, Asian Paint, Kotak Bank, Dr Reddy’s Lab and L&T contracting by 3-6%.

Major Q3 earnings today are – Axis Bank, HDFC Asset Management Company, Apollo Pipes, Apollo Tricoat Tubes, Burger King India, Cera Sanitaryware, Indian Energy Exchange, Ramco Cements, SBI Cards and Payment Services, Shriram Transport Finance, Steel Strips Wheels, Supreme Industries, and Zensar Technologies among others.

ICICI Bank and RIL stock were in focus after their Q3 earnings.