Markets nosedive, NIFTY50 below 22,100, SENSEX drops over 700 points

Markets were trading in the negative territory today, with benchmark indices NIFTY50 and SENSEX declining 1.2% and 0.9%, respectively as of 1:45 pm. The sell-off in heavyweight stocks like Reliance Industries (-1.5%), L&T (-2.4%) and Axis Bank (-1.8%) dragged down the benchmark indices.

Of the NIFTY50 universe, 46 stocks were trading in the red, with Adani Enterprises, Adani Port, Power Grid, Coal India and NTPC being the top losers.

In terms of broader markets, NIFTY Smallcap100 and NIFTY Midcap100 saw heavy selling for the third consecutive day. Both the indices were down more than 3%, amid concerns around tighter risk disclosure norms by the market regulator SEBI.

Except for NIFTY FMCG (+0.4%), all sectoral indices are trading lower today. NIFTY Media (-4.5%), Realty (-4.4%), Metal (-3.9%) indices were among the top losers.

NIFTY Bank index also shed 0.47% dragged by Axis Bank, Punjab National Bank and Bank of Baroda.

On the stocks front, Vedanta shares declined over 3% after Securities and Exchange Board of India (SEBI) directed the firm to pay ₹78 crore to Cairn UK Holdings. The market regulator also barred company board members from the capital market.

Shares of JG Chemicals debuted at a discount of 5.4% to open at ₹209 on the NSE. Meanwhile, on the BSE, shares of the zinc oxide manufacturer listed at ₹211, a discount of 4.5%.