Dalal Street dawned red on Monday, as the BSE Sensex crashed 528 points to open at 73,198, down 0.72%. The Nifty50 wasn’t spared, declining 152 points or 0.68% to 22,245, erasing gains from the prior session.
Sell-off was led by rate-sensitive sectors. Banking index tanked 1.2%, with private lenders like Kotak Mahindra and IndusInd underperforming. IT followed with a 1% dip, hurt by US recession fears and weak tech spending outlook.
Behind the scenes: A cocktail of rising US 10-year yields above 4.5%, FII selling pressure, and tepid Chinese data overnight. European futures pointed lower, suggesting more pain ahead.
Ravi Singh, VP Head of Research at Religare Broking, commented: ‘Technical correction after recent highs, but long-term bulls intact. Focus on quality largecaps.’
Amid the carnage, consumer goods and healthcare offered pockets of green. Adani Group stocks bucked the trend slightly on port deal buzz.
Currency markets echoed the mood, with USD/INR at 83.45. Gift Nifty futures traded 150 points lower, presaging the weak open.
Trading volumes picked up early, with ₹20,000 crore turnover in the first hour. Put-Call ratio favored bears at 1.2.
Investors eye intraday support at Sensex 73,000 and Nifty 22,200. Any Fed dovish hints later could spark recovery, but for now, risk-off prevails in India’s $5 trillion market.