ADVERTISEMENT
Sensex Tanks Over 500 Points, Nifty Below 11,000: 10 Points
Thirty-seven Nifty stocks out of a total of 50 were in the red India VIX gained 6.32% as markets witnessed high volatility Rupee weakened 29 paise to 72.49 against the US dollar
24 Sep 2018, 12:45 PM IST 
Stock Market on Monday: Thirty-seven Nifty stocks out of a total of 50 were in the red.
- Losing between 3.8-5.8 per cent, Mahindra and Mahindra, HDFC, Maruti Suzuki, Tata Steel and IndusInd Bank were the top five laggards on the 30-scrip BSE benchmark.
- Thirty-seven Nifty stocks out of a total of 50 were in the red. All sectoral indices on the National Stock Exchange traded with losses, led by PSU banking and financial stocks. Nifty PSU Bank lost 2.59 per cent, Nifty Financial Services 3.05 per cent, Nifty Realty 5.41 per cent and Nifty Auto 3.74 per cent.
- Markets witnessed high volatility as India VIX - the gauge of volatility on the NSE - gained 6.32 per cent.
- "There are liquidity concerns... financial stocks led the rally and now they are dragging the markets and it has a domino effect on sectors such as real estate and autos," AK Prabhakar, head of research at IDBI Capital, was quoted as saying in a report by news agency Reuters.
- Earlier in the day, Finance Minister Arun Jaitley said that the government would take all measures to ensure adequate liquidity for non-banking financial companies (NBFCs) and mutual funds. "The government will take all measures to ensure that adequate liquidity is maintained/provided to the NBFCs, the mutual funds and the SMEs," Mr Jaitley tweeted.
- Meanwhile, the rupee weakened 29 paise to 72.49 against the US dollar in early trade.
- IT stocks jumped, led by Tech Mahindra, TCS and Infosys which traded with gains of around 3 per cent. Infibeam Avenues jumped 10 per cent. Rupee depreciation boosts profitability of exporters such as Indian IT companies, say analysts.
- Asian shares eased in holiday-thinned trading and the safe haven yen gained as China cancelled upcoming tariff talks with the United States, while oil prices jumped after top producers including Russia ruled out boosting crude output, reported Reuters.
- US stock futures were a touch weaker while MSCI's broadest index of Asia-Pacific shares outside Japan dipped 0.3 per cent. Australian shares fell 0.25 per cent and New Zealand's benchmark index faltered 0.6 per cent. Most of the action was in currencies as financial markets in major Asian centres Japan, China and South Korea were closed for a holiday.
- On Friday, the Sensex closed 279 points lower at 36,841 while the Nifty ended at 11,143, down 91.25 points. (With inputs from agencies)