Sensex crashes 1,023 pts, Nifty settles near 17,200; Lupin drops 7 per cent

Key benchmark indices ended lower for the third consecutive day on Monday amid selling saw in auto, FMCG, IT, bank, healthcare, realty, capital goods stocks. At close, the Sensex was down 1,023.63 points or 1.75 per cent at 57,621.19, and the Nifty was down 302.70 points or 1.73 per cent at 17,213.60. About 1389 shares have advanced, 2044 shares declined, and 131 shares are unchanged. Tata Consumer Products, HDFC Bank, HDFC Life, L&T and Bajaj Finance were the top Nifty losers, while gainers included Power Grid Corp, ONGC, NTPC, Shree Cements and Tata Steel. Among sectors, except PSU bank, metal and power all other sectoral indices ended in the red with auto, FMCG, IT, bank, healthcare, realty, capital goods shed 1-2 per cent. BSE Midcap and smallcap indices fell 0.75-1.25 per cent.

In the broader markets, the MidCap and SmallCap indices on the BSE outperformed the headline indices and ended 1.3 per cent and 0.8 per cent lower, respectively. Among individual stocks, Torrent Power, Apollo Hospitals, NAM-India, Tata Consumer Products, Jubilant Industries, D-Link India, WPIL, and Ujjivan Financial Services were among the worst hit sectors, down up to 15 per cent.

Sectorally, all except the Nifty PSB index ended in the red, led by the Nifty Financial Services index (down 2.5 per cent) and the Nifty Private Bank index (down 2.3 per cent), The Nifty PSB index, on the other hand, ended 1 per cent higher.

The markets crashed on Monday amid rising crude oil prices, sell-off by FIIs, and fears of liquidity taps running dry amid monetary policy tightening. Naveen Kulkarni, chief investment officer, Axis Securities, said: “We expect that the markets will continue to remain volatile on the back of the recent interest rate movements globally. Most emerging markets will continue to witness FPI outflows and currency depreciation in the short term. We believe that this volatility should be bought into through regular investments, as earning expectations for Indian corporates remain strong. Some sectors which can perform well in the short-term are banks, commodities and energy.”

“On the technical front 17,450 and 17700 are immediate support and resistance in Nifty 50. For Bank Nifty 38,500 and 39,300 are immediate support and resistance respectively,” said Mohit Nigam, head – PMS, Hem Securities

Global Cues

The US stocks ended mixed higher, but pared gains towards the close on Friday. Nasdaq was up 1.6 per cent led by Amazon. The S&P 500 gained 0.5 per cent, while the Dow Jones slipped 0.1 per cent.

Shares in Asia were mixed in Monday trade, with mainland China markets rising as they re-opened following the Lunar New Year holidays last week. In noon trade, the Shanghai composite jumped 2.06 per cent, while the Shenzhen component gained 1 per cent. On the other hand, Hong Kong’s Hang Seng index slipped 0.33 per cent. In Japan, the Nikkei 225 dipped 0.76 per cent and the Topix index declined 0.27 per cent. South Korea’s Kospi also shed 0.43 per cent.

Oil prices were up near seven-year highs amid concerns about supply due to the ongoing political turmoil among major world producers. Brent saw a 2.4 per cent rise to $93.27 a barrel.

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