Sensex crashes 1,000 points from day's high. Early signs of a U-turn?
The fall was sharper in the Nifty Midcap and Nifty Smallcap indices — each of them tumbled around 2%. FMCG was the only sectoral index trading in the green, while banks and IT indices were trading around 0.5% lower. The fall was sharper in auto, media, metal, PSU banks, and realty stocks.
In percentage terms, today's decline in Nifty was the biggest single-day loss since October 26.
In the last one month alone, the index is up over 1,500 points or about 7.6% with November turning out to be the best month for Nifty in 2023.
Within the Nifty 500 pack, Indiabulls Housing Finance, Indus Towers, SJVN, Alok Industries, IRCON, Rajesh Exports, and Central Bank were among the top losers with downticks of 6-7% each. Adani Ports and Adani Enterprises were among the top Nifty losers. ONGC, Tata Consumer, and Britannia managed to stay put with gains of 2-3% each.
The rising cases of Covid sub-variant JN.1 in India is also drawing the attention of market participants.
Kerala reported 292 new active cases of COVID-19 and 3 deaths yesterday. Earlier in the day, Union Health Minister Mansukh Mandaviya reviewed the preparedness of health facilities and stressed on being alert against emerging strains of coronavirus. However, the pharma index also fell over 1%.
The sudden change in market mood took participants by surprise as all global and domestic cues remain positive.
