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MARKET WRAP: Sensex tanks 661 pts, Nifty Bank slips 3%; India VIX jumps 6%
All that happened in the markets today
Extended their early losses, the Indian stock market ended around 2 per cent lower on Tuesday, with financials, auto, and metal stocks dragging the indices.
The S&P BSE Sensex tumbled 661 points or 1.8 per cent to end the day at 36,033.06 levels. The index had earlier slipped below the 36,000 mark in the intra-day deals. IndusInd Bank and Axis Bank (both down over 5 per cent) were the top Sensex laggards. Besides, both HDFC and HDFC Bank slipped up to 3 per cent after the latter conducted a probe into allegations of improper lending practices in its vehicle-financing operation.
Meanwhile, the volatility index, India VIX rose 5.73 per cent to 26.70 levels.
The broader Nifty50 index also slipped below the 10,650 levels and ended at 10,607, down 195 points or 1.81 per cent. The trend among Nifty sectoral indices was negative, led by the Nifty Bank index, down 3 per cent. Nifty Pharma was the only index that ended in the green - up 0.48 per cent.
In the broader market, both the S&P BSE MidCap as well as SmallCap indexes slumped around 1 per cent.
Global stocks slipped on Tuesday, oil sagged and a safety bid supported the dollar as simmering Sino-US tensions and new coronavirus restrictions in California kept a lid on investor optimism with earnings season getting underway.
MSCI’s All-Country World Index edged down 0.4 per cent, after touching a 20-week high on Monday. The pan-European STOXX 600 opened 1.5 per cent lower and was heading for its worst day in 14 sessions after technology stocks dropped 3.4 per cent. This followed a slump a day earlier in the tech-heavy Nasdaq.
S&P 500 futures were 0.5 per cent stronger after the index lost 0.9 per cent on Monday.
(With inputs from Reuters)