Sensex Gives Up 1158 Points; Nifty Much Below 18,000 Pts. Now

Amid weak global cues and across the board selling pressure, Sensex shed a huge 1159 points, while Nifty crashed to 17857 levels, tumbling close to 2 percent. Broader markets too languished by a similar proportion with Nifty Midcap 100 cracking 2 percent.

Sensex Gives Up 1158 Points; Nifty Much Below 18,000 Pts. Now

Nifty Bank tumbled a huge over 3 percent led by slump in stocks such as HDFC Bank, ICICI Bank, Kotak Mahindra Bank, SBI and Axis Bank.

Among Nifty sectoral indices, all of the indices ended in the red, with major pressure on indices such as PSU Bank, metal and realty among other.

Cement pack notably bucked the trend on a firm outlook on the demand going ahead, led by gains in ACC, UltraTech Cement, Ambuja Cements and India Cements

Markets in the international landscape traded lower, while in the European markets there was seen a mixed trend with CAC gaining.

Angel One advises investors to remain cautious and avoid buy on dip strategy. "We expect the market to be volatile in the coming weeks and we expect selling pressure to continue in the broader market. We suggest investors be cautious on the market, look for profit booking and avoid buy on dip strategy."

The drag in the markets has to do with the spike in the new Covid cases which again instilled nervousness in the market. Market thus fell below the crucial support levels of 17950-18000 as the global markets saw the negativity in the market sentiments.

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