Markets bounce back in early trade after a massive drop in the fear index
On Wednesday, Indian equity indices were in the green as India’s VIX crashed 27 percent. At noon, Sensex was up 1,281 points or 1.75 percent, at 73,360, with an intraday high of 73,851. Nifty was up 392 points or 1.79 percent at 22,277, with an intraday high of 22,445.
India VIX or fear index (which indicates the market volatility) is down over 27 percent at 19.32.
On Tuesday, when markets saw a free fall due to an unexpected election outcome, India’s VIX jumped nearly 44 percent. Nifty FMCG index is the top gainer of the market, and it surged 4.68 percent.
Other Indices, pharma, IT, and fin service shoot up to 3.5 percent. PSE and PSU Bank are the major losers.
In Sensex pack, HUL, M&M (NS: MAHM), Asian Paints (NS: ASPN), Kotak Mahindra Bank (NS: KTKM), Nestle (NS: NEST), HCL Tech (NS: HCLT), IndusInd (NS: INBK) bank, Bajaj Finance (NS: BJFN), and Tech Mahindra (NS: TEML) are major gainers. SBI (NS: SBI), Power Grid (NS: PGRD), and L&T are the only losers in the BSE benchmark.
Amisha Vora, Chairperson & MD of Prabhudas Lilladher said, ” As a result, markets will likely shed the ‘Modi premium,’ causing a correction in PSU and infra stocks. Once this turbulence stabilizes, attention will shift to the core macro factors affecting India. Investors should brace for volatility in the short term, but the underlying fundamentals of India’s growth story remain strong.”
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