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SENSEX and NIFTY50 in red, NIFTY50 slips below 24,800 as Kotak Mahindra Bank drags
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2 min read | Updated on October 21, 2024, 13:31 IST
SUMMARY
Indian equity benchmark indices failed to sustain their early gains, slipping into negative territory, primarily dragged down by Kotak Bank and Infosys. Kotak Bank recorded its steepest single-day decline since April 25. Meanwhile, the India VIX surged by more than 5%, indicating heightened market volatility. Market breadth remained weak, with the Nifty Smallcap 100 index falling by 0.87%.
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SENSEX and NIFTY50 in red, NIFTY50 slips below 24,800 as Kotak Bank drags
The Indian equity benchmark began the fresh week on a positive note but failed to sustain its early gains. As the session progressed, profit booking took over, leading a sharp decline from the day’s highs. By midday, the NIFTY50 dropped more than 180 points from its intraday peak, slipping below the 24,800 mark, down by 0.26%. Similarly, the SENSEX shed 100 points, trading near 81,122 mark. The Nifty Bank also saw a significant pullback, falling over 500 points from its intraday high to hover around the 52,00 mark, now trading below its 20-day moving average. Additionally, the India VIX surged by over 5%, indicating increased market volatility.
On Monday, the NIFTY50 showed weak market breadth, with 36 stocks declining and only 14 advancing. Overall, market breadth remained weak, as 1,700 stocks declined while 642 advanced. Both the Nifty Midcap 100 and Nifty Smallcap 100 indices were in red, down by 0.13% and 0.87%, respectively. Among the sectoral indices, most indices were in negative territory, with Nifty Media (-1.51%) and Nifty FMCG (-1.1%) leading the declines. On the other hand, Nifty Financial Services and Nifty Realty managed to trade with modest gains.
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