Fear indicator India VIX surges 10% as market gets jittery over US economy concerns
index India VIX jumped 10% to hit the day's high of 15.57 on Friday as Nifty fell by over 300 points to hit a low of 24,839.40, over US economy data concerns, a key indicator of rate cuts. Investors await US jobs data that could decide the size and speed of coming rate cuts in the world's largest economy.
This week, VIX has jumped by 11% after remaining on a declining curve for a month. In the last one month, India VIX has fallen by 25%.
The Nifty breadth was skewed in favour of losers as 43 stocks were trading in the red. The top losers were State Bank of India (SBI), HCL Technologies, Tata Motors, NTPC and ITC.
In the NSE, 1,807 stocks declined out of the 2,669 stocks that were trading. In this 70 stocks hit their lower circuits while 19 hit their 52- week lows.
Among major losers in the broader markets were Vodafone Idea, Chennai Petroleum Corporation, Indian Bank, Indus Towers, Oil India and Uno Minda, which fell up to 14%.
Sectorally, 15 Nifty indices were trading in the red with the lone winner in Nifty MidSmall Healthcare, which was trading flat albeit with positive bias. Banks were the biggest underperformers. While Nifty PSU Bank plunged 3%, Nifty Bank was down by over 1%.
Other major laggards were Nifty Oil & Gas, Nifty Auto, Nifty IT, which fell by up to 1.7%.
Also Read: Nifty Bank underperforms Nifty50, most sectoral peers. Should you still bet on financials?
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