Sensex, Nifty tank 2% each amid broad-based sell-off; India VIX hits 17

Top headlines

• Sensex sinks 1,170 points, ends below 59,000; Nifty holds 17,400

• Broader indices suffer deeper cuts; SmallCap index declines 3%

• RIL sinks 4% after calling off deal with Saudi Aramco

• Paytm sell-off drags market cap down by Rs 55,000 cr in 2 days

• Go Fashion IPO subscribed over 130 times on final day

Multiple headwinds triggered panic-selling in equity markets, with bear-hammering entering a fourth straight day on Dalal Street on Monday. 

Globally, return of lockdown-like restrictions across various European countries, along with persistent FII selling across emerging markets, including India, dented sentiment. Moreover, the US dollar index, which topped 96-mark in intra-day trade today, put pressure on equities.

Back home, negative news flow around Reliance Industries aggravated pressure at the headline level.

Overall, the BSE Sensex tumbled over 1,600 points and touched the 58,000 mark in the intra-day trade. By close, the index stood at 58,466, down 1,170 points, or nearly 2 per cent, from its previous close. It is now down over 3,700 points from its record high level of over 62,245.

Meanwhile, its NSE counterpart, the Nifty50, ended at 17,416, down 348 points, or 2 per cent. The index is down nearly 1,200 points from its record high.

Meanwhile, in the broader markets, the BSE MidCap and SmallCap indices cracked 3 per cent each. The volatility index, India VIX, soared 18 per cent to climb above 17.

On the sectoral front, all the indices ended in the red. The Nifty PSU Bank index was the worst hit, down 4.5 per cent. It was followed by the Nifty Realty index, which declined 4 per cent.

Among the individual stocks that moved the most on the bourses today, the shares of Reliance Industries fell 5 per cent in intra-day trade, but ended 4.4 per cent lower at Rs 2,363. This was after the company called off its deal with global oil giant Saudi Aramco to sell a 20 per cent stake in its oil to chemicals (O2C) business.

According to tech charts, if the stock fails to defend the support of Rs 2,340 level, the negative bias may drag the stock in the direction of Rs 2,200.

That apart, shares of Paytm plunged nearly 19 per cent in intra-day trade and hit a low of Rs 1,271 on the BSE, as investors remain cautious on the company's lofty valuation and remain sceptical about its business model. With today's fall, the stock has fallen 37 per cent from its issue price of Rs 2,150.

Besides Paytm, another recently-listed stocks, Fino Payments Bank, SJS Enterprises, and Sapphire Foods are also below their respective issue prices now.

On the upside, the shares of Bharti Airtel hit a fresh record high of Rs 756 after the company increased its tariff for a range of telecom services effective November 26. According to tech charts, the stock is ready to move in the direction of Rs 830 if it sustains above the support level of Rs 720.

Lastly, in the primary market, the 3-day issue of Go Fashion was subscribed 131 times till 4:00 PM on the final day.