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NEW DELHI: Indian stocks tanked on Friday following their global peers as the fear of earlier-than-expected Fed tapering set off a selling spree. Barring select names in the IT sector, all sectoral indices traded in the red.
Metals were among the worst hit as they also dealt with plunging iron ore and other metal futures prices. India VIX, barometer of volatility, surged nearly 7 per cent, reflecting fear on the Street.
“An increase in coronavirus in some countries, signs of Chinese economic weakness and the Taliban's takeover of Afghanistan also spooked investors. Despite the wall of worry, which investors are being forced to climb, the main Indian Indices are still comfortably in positive territory,” said Mohit Nigam, Head - PMS, Hem Securities.
How are the bluechips doing?
After opening in the red, benchmark indices pared some losses. At 9.31 am, BSE flagship Sensex was down 232 points or 0.42 per cent to 55,397. NSE benchmark Nifty declined 81 points or 0.49 per cent to 16,488.
In the 50-share pack Nifty, SBI Life Insurance was the biggest gainer, up 1.08 per cent. , Bharti Airtel, Maruti Suzuki, , HDFC Life Insurance and Britannia were among other gainers.
was the top loser in the pack, down 4.34 per cent. , ONGC, JSW Steel, Kotak Mahindra Bank, Hero MotoCorp, Dr Reddy’s Labs and Tata Motors were other losers in the pack.
FACTORS DRIVING MARKETS
Bad news:
Hint of tapering: The minutes of the FOMC meeting published by the Federal Reserve hinted at a possible earlier-than-expected tapering of the bond buying programme. In the last 17 months, equity markets have been surging mainly thanks to this programme.
Dollar surges: Prospect of the Federal Reserve cutting back bond purchases spooked investors, sending the dollar to its highest level since early November, gains which it held onto on Friday.
Broader markets
Broader market indices were trading lower, in-line with their headline peers in morning trade. Nifty Smallcap was down 0.54 per cent while Nifty Midcap dropped 0.36 per cent. Broadest index on NSE, Nifty 500 was down 0.49 per cent.
Vakrangee, Lux Industries, CDSL, Mindtree, Adani Total Gas and Fortis Healthcare were gainers from the space while Jindal Steel, SAIL, Vodafone Idea, Ujjivan Small Finance Bank, Nalco and Hindustan Copper were under selling pressure.
Global markets
MSCI's broadest index of Asia-Pacific shares outside Japan dropped 0.75 per cent, with Chinese blue chips down 1.22 per cent and Hong Kong down 0.53 per cent.
Japan's Nikkei fell 0.53 per cent, and US stock futures, the S&P 500 e-minis, were down 0.26 per cent.
Metals were among the worst hit as they also dealt with plunging iron ore and other metal futures prices. India VIX, barometer of volatility, surged nearly 7 per cent, reflecting fear on the Street.
“An increase in coronavirus in some countries, signs of Chinese economic weakness and the Taliban's takeover of Afghanistan also spooked investors. Despite the wall of worry, which investors are being forced to climb, the main Indian Indices are still comfortably in positive territory,” said Mohit Nigam, Head - PMS, Hem Securities.
Did you Know?
Stock score of Hindalco Industries Ltd moved up by 1 in a week on a 10-point scale.
View Latest Stock Report »How are the bluechips doing?
After opening in the red, benchmark indices pared some losses. At 9.31 am, BSE flagship Sensex was down 232 points or 0.42 per cent to 55,397. NSE benchmark Nifty declined 81 points or 0.49 per cent to 16,488.
In the 50-share pack Nifty, SBI Life Insurance was the biggest gainer, up 1.08 per cent. , Bharti Airtel, Maruti Suzuki, , HDFC Life Insurance and Britannia were among other gainers.
was the top loser in the pack, down 4.34 per cent. , ONGC, JSW Steel, Kotak Mahindra Bank, Hero MotoCorp, Dr Reddy’s Labs and Tata Motors were other losers in the pack.
FACTORS DRIVING MARKETS
Bad news:
Hint of tapering: The minutes of the FOMC meeting published by the Federal Reserve hinted at a possible earlier-than-expected tapering of the bond buying programme. In the last 17 months, equity markets have been surging mainly thanks to this programme.
Dollar surges: Prospect of the Federal Reserve cutting back bond purchases spooked investors, sending the dollar to its highest level since early November, gains which it held onto on Friday.
Broader markets
Broader market indices were trading lower, in-line with their headline peers in morning trade. Nifty Smallcap was down 0.54 per cent while Nifty Midcap dropped 0.36 per cent. Broadest index on NSE, Nifty 500 was down 0.49 per cent.
Vakrangee, Lux Industries, CDSL, Mindtree, Adani Total Gas and Fortis Healthcare were gainers from the space while Jindal Steel, SAIL, Vodafone Idea, Ujjivan Small Finance Bank, Nalco and Hindustan Copper were under selling pressure.
Global markets
MSCI's broadest index of Asia-Pacific shares outside Japan dropped 0.75 per cent, with Chinese blue chips down 1.22 per cent and Hong Kong down 0.53 per cent.
Japan's Nikkei fell 0.53 per cent, and US stock futures, the S&P 500 e-minis, were down 0.26 per cent.
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