Recession fears hits equities; Sensex sinks 1,093 points, Nifty gives up 17,600
Bears prowled on Dalal Street on Friday as recession fears hammered global equities. Key indices crumbled under heavy selling pressure today with banks (especially in the public sector), auto, IT, metal, and realty stocks plunging the most on the bourses. Their respective indices on the National Stock Exchange (NSE) declined around 2-4 per cent.
At the headline level, the S&P BSE Sensex crashed 1,247 points intra-day before ending at 58,841, down 1,093 points or 1.82 per cent. The NSE Nifty50, too, sunk to a low of 17,505 before shutting shop at 17,551, down 326 points or 1.82 per cent.
The broader markets witnessed an equally brutal on-slaught with the Nifty MidCap 100 and SmallCap 100 falling in the range of 2.5 per cent to 3 per cent. Volatility index — India VIX — surged 8 per cent today to settle near 20-odd level.