Markets Nosedive in Late Sell-Off; Sensex Sinks 671 pts on Broad-Based Losses
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Indian equity indices staged a sharp U-turn on Monday, sinking into negative territory in late sell-off amid broad-based losses. After a positive start, both Sensex and Nifty gave up all early gains to end with cuts of around 1%.
The BSE Sensex tanked 670 points or 0.93% to close at 71,355. NSE’s Nifty50 also plunged 198 points or 0.91% to settle at 21,513. The volatility gauge spiked 7% signaling nervousness.
Losses were widespread with all sectors in the red. Midcaps and Smallcaps also dropped up to 1%, mirroring the negative trend.
Traders are now eyeing US inflation data and ongoing Q3 corporate earnings this week for further direction. Most experts feel the market is headed for a period of consolidation after the recent pullback rally.
Monday’s late slide eroded optimism that had crept back into domestic indices in morning deals. Sustained FII selling and concerns around expensive valuations continue to cap markets.