Markets nosedive; Sensex falls 300 pts, Nifty 50 around 18,200

21 Nov 2022 , 09:35 AM

The appetite for equities was bleak in Monday’s opening bell with Sensex nosediving to below 61,200 and Nifty 50 as lower by 18,200. Indian benchmarks tracked mixed Asian cues which traced losses of Wall Street. A broad-based selloff was recorded in domestic equities with IT, auto, consumer durables, oil & gas and realty stocks being the worst hit.

In the early deals, Sensex has plummeted by nearly 500 points and even clocked an intraday low of 61,151.51. While Nifty 50 has tumbled by as much as 100 points with an intraday low of 18,201.85.

At around 9:39 AM, Sensex was trading at 61,347.19 down by 316.29 points or 0.51%. Nifty 50 performed at 18,216.85 lower by 90.80 points or 0.5%.

In terms of sectoral indices, on NSE, the IT index shed around 1%, while the auto, banking, pharma, metal index logged substantial profit booking with all stocks trading in the red.

Top bulls on Nifty were – Tata Motors and Tata Steel soaring by 0.85% each followed by BPCL surging 0.64%. Ultratech Cement and ONGC also made significant gains.

Among bears on Nifty, heavyweight Bajaj Finance took the lead slipping by 2% followed by auto-giant Mahindra & Mahindra diving by 1.9%. Dr Reddy’s, SBI Life, Apollo Hospitals fell between 1.1-1.3%.

Stocks like Adani Enterprises, Nestle India, Tech Mahindra, Infosys,RIL dived between 0.8-1%.

In the Asian markets, Asian markets opened in the red led mainly by the China factor with the hang Seng down over 500 points in early trade which sees most other indices trade mildly negative.

The outlook for the South Korean & taiwan markets improve with chip shortage now being over expect demand for auto & semi conductor to drive corporate performance.

Last week, on Friday, US markets closed will losses even as Dow Jones recovered from the lows of the day down 10 to close up 200 as markets look to buy the dips as investors discount the Federal Reserve action in December. Oil prices see sharp decline as China covid lockdown sees further cut in demand outlook which sees crude WTI hit US$80.

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