The 30-share pack Sensex ended 487.43 points, or 0.95 per cent, lower at 50,792.08. The index gyrated 1,283.41 points in a highly volatile session. Its broader peer NSE Nifty settled at 15,030.95, down 143.85 points or 0.95 per cent.
“Markets ended lower amid excessive volatility, in continuation to the prevailing consolidation phase. Initially, the benchmark opened firm, tracking upbeat global cues however surge in bond yields impacted sentiment as the day progressed,” said Ajit Mishra, VP – Research, Religare Broking.
Here are major movers and shakers of the day:
IPO watch
Demand for fresh issues remained high on Dalal Street as Anupam Rasayan that opened for public bids on Friday was fully subscribed. By 5 pm, the issue received 1.22 times the shares on offer.
VIX spikes
India VIX, a barometer of nervousness in the market, made a U-turn and spiked 4.62 per cent to end at 21.70. The sudden rise in the index signifies fear of a sudden selloff among traders.
Tata Power gets Tesla boost
Shares of Tata Power climbed 5.45 per cent to Rs 113.25 after reports said Tesla is exploring an arrangement with Tata Power to set up charging infrastructure for electric vehicles in the country.
IDBI Bank surges
Shares of IDBI Bank closed up nearly 10 per cent at Rs 42 after RBI removed the lender from its enhanced regulatory supervision or Prompt Corrective Action (PCA) framework after a gap of nearly four years.
OIL explorers send sell signals
Amid volatility in crude oil prices, Indian oil explorers are sending ‘sell’ signals as their stock prices fell below the MACD signal line. ONGC and GAIL were among 100-odd stocks that flashed sell signals. L&T Finance, Adani Ports, NHPC and HUDCO were other such stocks.
Where is market headed?
The near term trend has turned weak with the Nifty failing to sustain at the highs of Friday and correcting sharply to close below the 20, 50 and 200-period moving averages on the 15-minute chart. “On the daily chart, while the Nifty remains in uptrend, it has closed just above the 20-day SMA, implying that the coming week’s price action will be crucial for the future direction of the market. A close below the 20-day SMA and immediate support of 14,919 is likely to trigger a further correction,” said Subash Gangadharan, Senior Technical & Derivative Analyst, HDFC securities.
