-Sensex fell 523 pts and closed at 64,049 while Nifty fell around 159 pts during closing and ended at 19,122.
-This happened despite a rebound in global stocks and a fall in oil prices
-The indices were dragged by banking, financial and IT stocks
The top 3 factors that triggered the fall
1) Global Markets: Nasdaq 100 Index futures dropped as Microsoft Corp. and Google’s parent Alphabet Inc. delivered a mixed picture of big tech earnings. Contracts on the Nasdaq sank 0.8% and those on the S&P 500 were down 0.5%. Europe’s stock benchmark was also weaker as earnings from some of the region’s biggest consumer-facing companies stoked concerns that a global economic slowdown is hurting corporate profits.
2) US bond yields: The 10-year treasury bond yields were up 0.20% at 4.859%. This triggered panic action on D-Street.
3) Financial stocks, IT, and auto stocks lead fall: Selling pressure was seen across sectors with financials, IT, and auto stocks playing spoilsport. These sectors have a significant weightage in both Nifty and Sensex.
Sector-wise performance
Nifty IT fell 1%, dragged by Tech Mahindra, Infosys, and TCS. Meanwhile, Nifty Bank, Nifty Financial Services, and Nifty Media declined 0.7%-1.6%.
More domestically focused Nifty Midcap 100 dropped 0.6%, dragged by Mazagon Dock, Bharat Dynamic, and RVNL. While Nifty Smallcap 100 dropped 0.24%, dragged by Data Patterns, and Tanla Platforms.
As per experts, the Indian market is currently undergoing a notable correction with previously outperforming broader market segments also witnessing profit-taking.
Gainers and losers of the day
Tata Steel, SBI M&M, Maruti, Nestle and JSW Steel were gainers
Infy, airtel, NTPC, Indusind Bank were the losers of the day
