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Market sell-off: Sensex tumbles over 1,100 points; Tata Motors hits 10-month low

Benchmark domestic indices fell nearly 4% today with the Nifty50 breaking its crucial support level of 10,500 points after a heavy sell off dragged global markets down.

Domestic benchmark indices plunged today mirroring the steep sell off in US equities, which led to a massive 1,175-point fall in the Dow Jones Industrial Average Index. Both Sensex and Nifty tanked over 3% in the opening trade in line with deep losses in world markets.

Indian bond yields opened lower at 7.53, down by 7bps than its previous close, tracking US bond yields and fall in the domestic markets. However, for further direction traders will keep an eye on the RBI policy meet on Wednesday.

At 10:02 AM, the BSE Sensex was trading at 33,717, down 1,040 points, while the Nifty50 index was trading at 10,349, down 317 points.

The BSE MidCap Index tanked 3.8% and the BSE SmallCap Index plunged 4%.

Tracking a rout in global equities, share indices fell as much as 3.5% today, one of the biggest intraday drops seen since November, 2016. In the last three sessions, the Nifty50 has fallen 6%.

Volatility gauge India VIX jumped 29% to 20.6750, its highest level since November, 2016.

Both Nifty50 and Sensex saw their biggest fall since November 2016, and were at one-month lows. All Nifty sectoral indices were in red, down 2-5%.

Shares of Tata Motors fell 7% as the company missed analysts’ estimates for Oct-Dec consolidated net profit estimates by a wide margin. Consolidated revenues for the company were 16% higher yoy at Rs74,156cr, in-line with consensus estimates.

Vakrangee hit 10% lower circuit for fifth day in a row. The stock has fallen over 50% in five trading sessions to Rs212.80.

Volatility index India VIX gained 36.98% at 16.0525.

Tata Motors (-7.2%), Indiabulls HF (-5%), Axis Bank (-4.5%), Yes Bank (-4.2%) and Vedanta (-4%) were the top losers in today’s trade.

Out of 2,012 stocks traded on the NSE, 69 advanced, 1,581 declined and 362 remained unchanged today.

A total of three stocks registered a fresh 52-week high in trade today, while 145 stocks touched a new 52-week low on the NSE.

Japan’s Nikkei dropped over 6.5%. Australian shares dropped 3% to their lowest level since October 2017, while South Korean shares dropped 2%.