Sensex Crashes 1,000 Points In Volatile Day Of Trading

Indian equities crashed this morning after rallying for two sessions, with investors turning cautious ahead of the release of key data on the country's economic performance. BSE Sensex, which tracks the country's top 30 companies by market value, fell over 1,000 points and is trading below 81,500 points. Nifty, the National Stock Exchange index, is trading 270 points below its previous closing mark.

Sensex had jumped 455 points while Nifty gained 148 points yesterday.

The markets opened lower this morning following weak Asian market trends and selling across IT, auto, financial services, and pharma sectors. While Sensex opened 460 points lower, Nifty was down 162 points. The losses extended with time.

In the Sensex pack, IndusInd Bank, Asian Paints, and Adani Ports emerged among the few gainers, while scrips like ITC, Mahindra & Mahindra, Axis Bank, and UltraTech Cement were among the major laggards.

Experts suggest that the selling hints at caution ahead of the release of crucial macroeconomic data. While industrial and manufacturing production data for April are set to be released tomorrow, the first quarter GDP figures may be released a day later.

VK Vijayakumar, Chief Investment Strategist, Geojit Investments Limited, hopes that the market will consolidate around the current level in the near term.

According to Devarsh Vakil of HDFC Securities, 24,800 could be the immediate support point for Nifty in the downside, while immediate resistance is seen at 25,205.

The markets in Japan, China, South Korea, and Hong Kong were trading in the red while the US markets were closed yesterday to mark Memorial Day.

(With inputs from PTI and IANS)