Sensex, Nifty’s Six Day Rally Ends; Nifty Bank Falls Over 800 Points
Closing Bell: Six-Day Rally Ends
India's benchmark indices witnessed their biggest single-day fall in over a month after tensions between India and China escalated yet again at the Ladakh border.
The S&P BSE Sensex ended 2.1% lower at 38,628 while the NSE Nifty 50 index ended 2.2% lower at 11,387. The six-day winning streak for both Sensex and Nifty came to a halt with today's decline.
There was heavy selling witnessed across sectoral indices. The Nifty Media index was the top sectoral laggard, ending with losses of over 6%. The Nifty Pharma and PSU Bank indices ended lower by 5% each while the Nifty Bank and the Nifty Auto saw declines of over 3.5%.
The Nifty Bank fell over 800 points this session. It made a failed attempt to cross its 200-Day Moving Average at 25,083.
Broader markets too were not immune to the selling pressure. Both midcap and smallcap index fell over 4% in today's session. The 10-day winning run of the midcap index came to an end today.
Volatility surged in today's session. The India Volatility Index snapped a three-day losing streak, ending 27% higher at 23.32.
Market breadth was firmly in favour of the laggards. 1,608 stocks on the NSE posted losses while only 268 managed to gain.