Market Update: Sensex falls over 1750 points, Nifty50 below 15800 intraday - at least 10 heavyweights hit 52-week low
Axis Bank plunged most by over 6.5 per cent followed by IndusInd Bank, Maruti, M&M, Tata Motors, Bajaj Fiserve, UltraTech Cement, ICICI Bank and L&T each down between 5-6 per cent intraday today.
The Indian markets witnessed massive selling pressure during Monday’s session as the crude oil price breached $130 per barrel, multi-year high amid raging geopolitical tensions between Russia and Ukraine. The market is dragged by banking and financial sectors, along with auto and realty.
At around 02:15 pm, the Sensex slipped to day's low level, trading at 1751 points or 3.2 per cent lower to 52581-level, while Nifty50 also declined over 496 points or 3.05 per cent lower to 15750-mark on Monday.
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One of the key contributors to Nifty – Nifty Bank has slipped most of all indices down over 4 per cent, dragged by heavyweights such as HDFC and HDFC Bank intraday today. While broader markets are following the suite of benchmark indices as both mid and small-cap down over 2 per cent.
As many as 10 stocks are in the green, while 40 are in red on Nifty50. In this Axis Bank plunged most by over 6.5 per cent followed by IndusInd Bank, Maruti, M&M, Tata Motors, Bajaj Fiserve, UltraTech Cement, ICICI Bank and L&T each down between 5-6 per cent intraday today. While Oil and Natural Gas Corporation (ONGC) surge most is otherwise negative market by over 8 per cent.
At least 10 heavyweight companies’ shares touched their new 52-week low – HDFC, HDFC Bank, HDFC Life, HDFC AMC, Hero MotoCorp, Dabur India, Britannia, UltraTech, SBI Card among others.
Sectorally, Nifty Realty declined most by almost 5 per cent, taking the broader markets in negative territory, while Nifty Auto, Nifty Financial Services, Nifty Pvt Bank and Nifty PSU Bank are the other top sectoral laggards each down around 4 per cent intraday.
The only sectors that are in green amid heavy sell-off are metal and IT. The former is gaining amid higher global metal prices and on the back rupee deprecation IT stocks are on edge of advantage.
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