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Bloodbath On Dalal Street As Sensex Falls 1,170 Points, Nifty Settles At 17,416

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Indian markets were driven lower by a steep decline in heavyweight Reliance Industries and negative global sentiment. Global investor mood is being weighed down by a return of coronavirus outbreaks in Europe and other parts of the world.

 

On Monday, the BSE's benchmark Sensex plummeted abruptly by over 1,170 points, or 1.96 percent, to trade at about 58,465. The realty, auto, and PSU bank indices are all down 3-5 percent. Midcap and smallcap stocks on the Bombay Stock Exchange are down 3%.

 
Bloodbath On Dalal Street As Sensex Falls 1,170 Points, Nifty Settles At 17,416

Concerns about mounting Covid-19 cases in several nations impacted on the markets, as did a dramatic plunge of almost 4% in shares of Reliance Industries following Saudi Aramco's decision to abandon its intention to buy a 20% stake in RIL's oil-to-chemical business.

The downturn was echoed by broader markets. The VIX in India was up 14%, approaching 17 levels. The poorest Sensex performer was Reliance Industries, which fell 3.2 percent, followed by Bajaj Finance, Kotak Bank, and Maruti Suzuki India. Bharti Airtel, on the other side, was the biggest gainer, up 5%, followed by Asian Paints, Power Grid, and IndusInd Bank.

Despite posting favourable results, Paytm's stock plunged 17% in its second day of trading. In the month of October 2021, One97 Communications Ltd., the parent company that owns and controls the Paytm brand, reported an overall gross merchandise value (GMV) of $832 billion (approximately $11.2 billion), according to the firm's latest filings with the stock exchanges on Sunday evening.

According to economists, strong US data is putting pressure on the Federal Reserve to move faster to reduce its ultra-low-rate policy to combat rising prices. On Friday, Bank of America analysts predicted that the Fed will begin hiking its benchmark interest rate in the second quarter of 2022, two quarters sooner than previously predicted.

Bharti Airtel's stock rose 5% in early trade on November 22 to a 52-week high of Rs 749.15, following the company's announcement of updated mobile prices for prepaid subscribers.

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