Sensex slumps over 1000 points, Nifty breaches 17,500. Key updates

Market


Indian stock markets today extended the recent selloff with Sensex falling over 1000 points while Nifty breached the key 17,500 levels. A sharp drop in heavyweight Reliance Industries and weak global sentiment dragged Indian markets lower. 

Here are key updates from Indian stock markets: 

Shares of Reliance Industries fell 4%, after the company said last week it had decided with Saudi Aramco to reevaluate a proposed $15 billion stake sale in its oil-to-chemicals arm to the Saudi oil producer.  Meanwhile, shares of Paytm fell 17% in their second day of trading despite positive data. The digital payments start-up made one of the worst major stock market debuts in India on Thursday.

One97 Communications Ltd., the parent company which owns and operates brand Paytm reported an overall gross merchandise value (GMV) of 832 billion (roughly $11.2 billion) in the month of October 2021, the company said as a part of its latest disclosures with the stock exchanges on Sunday evening. 

Shares of Bharti Airtel rose 6% to a record high, after the telecom major announced tariff hikes effective Nov. 26.

“Going forward, rising inflationary pressure will continue to haunt global markets as fears of rate hikes will pump out liquidity from emerging markets like India,” said Vinod Nair, Head of Research at Geojit Financial Services.

Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investment, said: “Markets are in a precarious position. We are threatening the 17600 level and if we break this level on a closing basis, the Nifty could slide down to 17200. The index has a resistance at 18100-18200.”

Santosh Meena, Head of Research, Swastika Investmart Ltd, said: “The market may remain volatile ahead of the November month F&O expiry and anecdotally expiry is all about momentum where currently it is in favor of the downside. If we talk about the global markets then they are mixed while the rising dollar index is a cause of concern for emerging markets like India. The behavior of FIIs will also be an important factor in the direction of the market and they are still in a mood of selling.”

 

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