Sensex Crashes Over 500 Pts At Market Opening
The Indian equity markets have begun on a negative note. The indices crashed heavily at the market opening on Monday, June 21. The markets appear to have lost momentum on account of weak cues from the global markets after the U.S Fed's outcome in the previous week which dampened the sentiment for markets across the globe.
The BSE Sensex was down 524.97 points at 51819.48, while the key index Nifty-50 was down 164.90 points at 15518.50 in the early trade. The 30-share pack Sensex was trading with just 3 advances and 27 declines at the market opening on Monday.
However, experts feel that a correction is always expected after a bull run in the market and it brings along a buying opportunity at lower levels and allows the participants to create fresh positions in the market. The markets are likely to remain in a volatile phase for few coming sessions and will be further guided by the monsoon, vaccination phase, and global cues majorly.
"The market is likely to continue in the consolidation phase for a short while," said Vinod Nair - Head of Research at Geojit Financial Services.
Among the global markets, the U.S markets on Friday posted their worst ever weekly performance lately as the Dow Jones and S&P 500 nosedived over a per cent each. The Singaporean SGX Nifty was also trading lower by more than a per cent at the time of filing.
Back home, all major sectors were trading with losses as widespread selling spooked the overall phase of the market. The Auto, IT, and PSU Bank sectors lost over one per cent in the morning trade.
However, on the flipside, shares of NTPC and Adani Ports surged over two per cent each and bagged the top gainers of the index amid volatility across the market.
In the overall market breadth, 552 shares advanced, 1421 shares declined, and 88 shares were unchanged.
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