Amid global sell-off and as the likelihood of recession in the US gathers pace, Indian equities dropped heavily today by as much as 500 points.
All of the major indices trade in the red dragged by bank, pharma, metal, auto, energy and FMCG.
Karnataka Bank shares fell as much as 4% after company reported a fraud worth Rs. 13.26 crore to the apex bank.
Also, after heavy profit booking and reversal of Bank Nifty which made new highs there is seen a reversal which pulled down the benchmark index below 38000 mark.
And with the current stock market VIX or measure of fear is expected to remain elevated on global correction.
Rupee also trades in the positive with gains of 11 paise or 0.1578% at 68.84 for a dollar.