Stock Market LIVE Updates: The markets, on expected lines, are trading in a sea of red. The Nifty index is down over 600 points, falling below the 24,000 level. The Nifty Bank is down a mammoth 2000 points. IndiGo, Shriram Fin and SBI are the biggest losers today.
The Nifty has fallen a colossal 10% from its record high mark of 26,373, thereby entering a technical correction. The Nifty 50 is not alone; the Nifty Bank has fallen into the technical correction territory.
Crude oil prices have crossed $100 per barrel in the global markets, the US Dollar is strengthening, and futures on Wall Street have sold off sharply this morning. The first level on the downside in focus will be last week’s low of 24,305.
The Nifty Bank is down a massive 2000 points.
Oil-sensitive stocks remain under pressure, with ONGC, Oil India, HPCL, BPCL and others who are impacted by this. Some of the biggest losers among the Nifty 500 stocks include PG Electroplast, Tejas Network, MRPL, JK Tyre, Swan Corp among other.
Watch this space for all the LIVE stock market updates.