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Domestic benchmark equity indices were down on Monday as Asian stocks were trading lower amid concerns about European Covid-19 curbs and the risk of the Federal Reserve speeding up stimulus withdrawal. The Treasury yield curve was near the flattest since the pandemic’s onset. In opening trades, Sensex slipped 459 points or 0.77% to 59,176 while the Nifty was trading at 17,626 lower by 138 points or 0.78%.
“Nifty has corrected around 4.5% from the all-time high. The risk-off mood in global markets may gather strength on fresh Covid cases in Europe and lockdowns in countries like Austria. The dollar index rising above 96 is another concern while the decline in crude is positive for India. The disastrous listing of Paytm may bring sanity to the exuberant IPO valuations,” said VK Vijaykumar, Chief Investment Strategist at Geojit Financial Services.
FIIs are likely to accelerate selling in this risk-off environment. Retail investors need not rush in to buy on declines. Partial profit booking and raising the cash level in the portfolio may be considered. Calibrated buying in IT may be considered on sharp declines since IT is the clear leader of this rally, added Vijaykumar.
Top gainers & losers
Top gainers & losers on the Sensex.
Sectoral strand
Most sectoral indices opened in the red on the NSE. Nifty Realty index was the top loser among sectoral indices down by 2.44%, followed by Nifty Auto, Nifty PSU Bank and Nifty Metal indices plummeted up to 1.57%. While Nifty FMCG, Nifty IT and Nifty Bank slipped around half a per cent.
The volatility gauge India VIX has spiked by 8.54%
Broader markets
The sell-off in broader markets was much deeper as the BSE MidCap index plunged 175 points or 0.68% at 25,742 whereas the BSE SmallCap index was trading at 28,591 down by 206 points or 0.72%.
Bears took charge of the markets as 1,728 shares declined while 1,160 advanced and 165 remained unchanged.
Global markets
Overseas, Asian stocks are trading mixed on Monday as China kept its benchmark lending rate unchanged. China on Monday kept the one-year Loan Prime Rate (LPR) unchanged at 3.85%. The five-year LPR was also left steady at 4.65%.
U.S. stocks ended mixed on Friday as the House passed a $1.75 trillion social spending bill while concern about a new coronavirus wave in Europe rattled investors.
The Dow Jones Industrial Average fell 268.97 points, or 0.75%, to 35,601.98. The S&P 500 ticked 0.14% lower to 4,697.96. The Nasdaq Composite advanced 0.40% to 16,057.44. The Nasdaq Composite Index closed above 16,000 points for the first time on Friday, in its second-straight record finish powered by technology stocks.
The House of Representatives voted Friday to pass President Biden’s $1.7 trillion social safety net bill, sending it to the Senate. Biden’s spending measure was approved on a 220-213 vote.