Sensex plunges 360 points to fall below 38,000-mark, Nifty at 11,361
TIMESOFINDIA.COM | Mar 25, 2019, 09:54 ISTHighlights
- Vedanta, Kotak Mahindra Bank, Tata Steel, ICICI Bank and SBI were among the major laggards on the BSE platform with their stocks down as much as 2.59 per cent
- On NSE, all sub-indices were down with Nifty Metal and PSU Bank sliding the most, down as much as 1.98 per cent
(Representative image)NEW DELHI: Markets on Monday opened on a weak note with the benchmark BSE Sensex plunging more than 350 points amid weak global cues. Sensex tanked 360 points or 0.94 per cent to 37,804, while the broader NSE Nifty moved 96 points or 0.84 per cent lower to trade at 11,361.
Vedanta, Kotak Mahindra Bank, Tata Steel, ICICI Bank and SBI were among the major laggards on the BSE platform with their stocks down as much as 2.59 per cent. Just four out of 30 stocks were trading in green on the BSE index in early trade. On NSE, all sub-indices were down with Nifty Metal and PSU Bank sliding the most, down as much as 1.98 per cent.
Experts have said that the equity indices may witness volatile sessions this week amid derivatives expiry, even as some investors are likely to remain on the sidelines ahead of the general elections beginning next month.
"Markets are likely to remain volatile for the week ahead as fresh triggers look weak going forward. Since the financial year is coming to an end, liquidity at least from the debt markets will seep out.
"Some amount of redemption is likely to put pressure wherein domestic institutions are expected to remain net sellers," said Jimeet Modi, founder and CEO, SAMCO Securities and StockNote.
Lok Sabha elections are scheduled to be held in seven phases beginning April 11.
On the global front, investors ditched shares and fled to the safety of bonds as risk assets fell out of favour on growing fears about a US recession, sending global yields plunging.
Meanwhile, the rupee depreciated 16 paise to 69.11 against the US dollar in opening trade Monday on month-end demand for the American currency from importers amid a weak opening in domestic equity market.
(With agency inputs)
Vedanta, Kotak Mahindra Bank, Tata Steel, ICICI Bank and SBI were among the major laggards on the BSE platform with their stocks down as much as 2.59 per cent. Just four out of 30 stocks were trading in green on the BSE index in early trade. On NSE, all sub-indices were down with Nifty Metal and PSU Bank sliding the most, down as much as 1.98 per cent.
Experts have said that the equity indices may witness volatile sessions this week amid derivatives expiry, even as some investors are likely to remain on the sidelines ahead of the general elections beginning next month.
"Markets are likely to remain volatile for the week ahead as fresh triggers look weak going forward. Since the financial year is coming to an end, liquidity at least from the debt markets will seep out.
"Some amount of redemption is likely to put pressure wherein domestic institutions are expected to remain net sellers," said Jimeet Modi, founder and CEO, SAMCO Securities and StockNote.
Lok Sabha elections are scheduled to be held in seven phases beginning April 11.
On the global front, investors ditched shares and fled to the safety of bonds as risk assets fell out of favour on growing fears about a US recession, sending global yields plunging.
Meanwhile, the rupee depreciated 16 paise to 69.11 against the US dollar in opening trade Monday on month-end demand for the American currency from importers amid a weak opening in domestic equity market.
(With agency inputs)
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