Benchmark indices tanked on May 9, with NSE Nifty 50 falling below 22,000, and BSE Sensex tumbling over 1,000 points. Both Nifty 50 and Sensex commenced the day on a downward trajectory and fell over 1 percent intraday.
This is the fifth straight day of sell-off for the headline indices. A confluence of factors such as the ongoing Lok Sabha elections, lacklustre Q4 results for the 2024 season, rising crude, among other factors have led to this prolonged downturn.
Uncertainty surrounding the general elections has significantly bolstered India's volatility gauge, the India VIX, said Arvinder Singh Nanda, Senior Vice President of Master Capital Services. He said that India VIX hitting its 52-week high at 19 is indicative of the market apprehension.
The 30-share benchmark index ended at 72404.17 down by -1062.22 points or by -1.45 % and then NSE Nifty was at 21957.5 down by -345 points or by -1.55 %.
Sensex touched intraday high of 73499.49 and intraday low of 72334.18 The NSE Nifty touched intraday high of 22307.75 and intraday low of 21932.4
The top gainers of the BSE Sensex pack were Tata Motors Ltd. (Rs. 1030.15,+1.77%), Mahindra & Mahindra Ltd. (Rs. 2212.15,+1.37%), State Bank of India (Rs. 819.65,+1.14%), Infosys Ltd. (Rs. 1438.75,+0.80%), HCL Technologies Ltd. (Rs. 1319.95,+0.49%), among others.
The top losers of the BSE Sensex pack were Larsen & Toubro Ltd. (Rs. 3276.15,-6.00%), Asian Paints Ltd. (Rs. 2711.00,-4.68%), JSW Steel Ltd. (Rs. 833.40,-3.64%), ITC Ltd. (Rs. 425.20,-3.56%), IndusInd Bank Ltd. (Rs. 1402.20,-2.88%), among others.
Auto index was at 51431.48 up by 291.22 points or by 0.57%. Hero MotoCorp Ltd. (Rs. 4762.15,+2.98%), TVS Motor Company Ltd. (Rs. 2061.15,+2.74%), Tata Motors Ltd. (Rs. 1030.15,+1.77%), Mahindra & Mahindra Ltd. (Rs. 2212.15,+1.37%), Bajaj Auto Ltd. (Rs. 8833.90,+0.95%),.
Oil&Gas index was at 27454.72 down by -968.16 points or by -3.41%. Bharat Petroleum Corporation Ltd. (Rs. 592.30,-4.58%), Hindustan Petroleum Corporation Ltd. (Rs. 501.30,-4.17%), GAIL (India) Ltd. (Rs. 193.10,-4.03%), Oil And Natural Gas Corporation Ltd. (Rs. 265.70,-4.01%), Indian Oil Corporation Ltd. (Rs. 156.70,-3.98%),.
The Market breadth, indicating the overall strength of the market, was weak. On BSE out of total shares traded 4178 , shares advanced were 1020 while 3000 shares declined and 158 were unchanged.