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Sensex Crashes 1939 Pts.;Financial Services Stocks Worst Hit
Global cues have dragged the indices by a sharp 4 percent on the Nifty Bank and Nifty too saw a dive to day's low of 14,554. India VIX also climbed by 27% intra-day. At the end Sensex dived 1939 while Nifty was brought down to 14529 levels.
Now the factors weighing on the street are also pressurized by the geo-political stress emerging between Syria and the US. As per a CNN report, the US has launched airstrike in Syria, targeting facilities near the Iraqi border. Also, this has been the first hit under the leadership of Biden who even clarified his intent to focus on the challenges posed by China.
Sectorally, Nifty financial services pack was the worst performer with losses of over 4 percent. And towards the close of the session, all of the Nifty indices were painted red with weakness in the range of 0.46% to 4.14 percent.
Meanwhile, European indices also traded weak with loss up to 0.5 percent on French CAC.
All in all the factors that trembled the D-Street include a higher yield in the US on inflationary concerns, heavyweights selling, gain in oil prices and geopolitical stress emerging between the US and Syria.
Equity markets opened gap down following spike in global bond yields and extended its weakness further as the session progressed. Panic in global bond markets led to sharp rise in yields which spooked investors amid fears of interest rate cycle reversal. Sensex tumbled 1800 points while Nifty tanked 500 points largely led by sharp fall in banking and financial stocks.
Nifty Bank and Nifty Financials are down almost 5% against ~3.5% fall for Nifty. However the fall in the broader market is less severe with Nifty Midcap 100 and Nifty Small cap 100 down ~2%. India VIX has spiked 27% to 29 levels. Investors have thus turned to Pharma stocks amidst this market crash which is down just 0.4%. This sector has been in consolidation mode so far 2021YTD as it witnessed profit booking post sharp rally in CY20. It has also got boost from second PLI scheme being approved for the sector. The market correction might continue for some time till inflation fears ease down", were the views of Mr. Hemang Jani, Motilal Oswal Financial Services.
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