Market update: Sensex crashes over 1,200 points, Nifty dips below 17,200-mark

The domestic market indices BSE Sensex and NSE Nifty were in freefall on the morning of Friday, 26 November. While Sensex fell 1,215.17 points to 57,579.17, Nifty ended 364.15 points lower at 17,172.10. Both Sensex and Nifty registered losses of over 2 percent Out of the 30 Sensex constituents, 29 were in the red.  As per news reports, IndusInd Bank, HDFC and Kotak Mahindra Bank were more than 2 percent each.  Only Dr Reddy’s showed growth till 10:30 am. Furthermore , as per Economic Times, stocks such as Inventure Growth, Milestone Furniture and RMC Switchgears fell by 9.89 percent, 9.38 percent and 8.65 percent respectively on the BSE. The stocks of Ajanta Soya and AA Plus Tradelink Ltd also plunged over 8 percent in the session. In the case of Nifty, only three shares registered a growth till 10:30 am. Tata Motors was the biggest loser, falling 5.11 percent. Broader markets mirrored the fall. In terms of sectoral indices, auto, bank, metal and consumer durables fell by over 2 percent while pharma registered a rise of over 2 percent. Amidst the volatile trading, Tarsons Products made a tepid debut on the stock market. The shares opened trading at Rs 700 a piece, up by 5.74 percent or 5.74 percent from the upper end of the IPO price band of Rs 662. The IPO.  The stock prices rallied after their debut, gaining over 20 percent after to debut to be priced at Rs 795 per share. As per Manish Hathiramani, technical analyst and proprietary index trader at Deen Dayal Investments, while the Nifty index has “has opened with a gap down this morning” He added that if the gap can be sustained and we “break the lows, we can slide further to 17100 which is the next level of support.” Moreover, Asian stocks are headed for their largest weekly drop in almost two months while safe-haven assets such as the yen and bonds rallied. A new variant of the coronavirus found in South Africa and concerns about higher US interest rates and future growth also dominated.