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Sensex Corrects Over 750 Points; Realty and Oil & Gas Stocks Bleed
Thu, 28 Oct 01:30 pm

Share markets in India have extended early losses and are presently trading deep in the red.

Ahead of the monthly expiry of futures and options contracts later in the day, benchmark indices plunged tracking weak global market mood.

Global stocks eased from record peaks as a stark reminder of supply chain snags in corporate earnings reports stalled their rally, while investors also looked to whether central banks may consider tightening monetary policy earlier than thought.

Asian shares plunged with the Shanghai Composite and Nikkei both falling over 1%.

Meanwhile, market experts also suggested that the upcoming IPOs of Nykaa and Paytm totalling around Rs 240 bn are likely to witness enthusiastic investor response and this will drain away some liquidity from the secondary market.

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The BSE Sensex fell almost 800 points, or 1.3% to 60,345 levels. Meanwhile, the NSE Nifty fell to 17,960-mark.

Presently, the is trading down by 710 points, down 1.2%. Meanwhile, the is trading down by 244 points.

The sell-off is seen particularly in the realty, metal and energy stocks.

Shares of ITC and Titan fell over 4%, while ICICI Bank and Axis Bank fell over 2%.

Broader markets also cooled down after the recent runup. Both, the BSE Midcap index and the BSE Smallcap index fell 1%.

In one of his videos for Fast Profits Daily, Brijesh Bhatia shares his short-term view on the Nifty.

Brijesh believes, despite the recent bearishness in the market, the Nifty is still in a bullish trend. In other words, the bulls are still in control of the Nifty.

You can watch the video here: The Bulls are Still in Control of the Nifty

More details to follow in the upcoming commentary.

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