INSUBCONTINENT EXCLUSIVE:
India VIX index, the gauge of expected volatility in the market spiked 7 per cent.The Indian equity benchmarks extended losses in
mid-morning deals on the back of a broad-based selling pressure on account of profit booking
The Sensex fell as much as 722 points at the day's lowest level and Nifty 50 index dropped below its important psychological level of 15,500
Reliance Industries, ICICI Bank, State Bank of India, HDFC and HDFC Bank were top drags on the Sensex.As of 11:12 am, the Sensex was down
521 points at 51,802 and Nifty 50 index tumbled 182 points to 15,509.Selling pressure was broad-based as all the 11 sector gauges compiled
by the National Stock Exchange were trading lower led by the Nifty Metal index's over 4 per cent fall
PSU Bank, Media, Bank, Financial Services, FMCG and Auto indices also fell between 1-4 per cent.Mid- and small-cap shares were also facing
intense selling pressure as Nifty Midcap 100 index declined 3 per cent and Nifty Smallcap 100 index crashed 3.4 per cent.India VIX index,
the gauge of expected volatility in the market spiked 7 per cent.UPL was top Nifty gainer, the stock rose nearly 5 per cent to Rs 797
JSW Steel, Tata Steel, Tata Motors, ONGC, Coal India, State Bank of India, Power Grid, NTPC, Mahindra - Mahindra, Indian Oil, Grasim
Industries and SBI Life also fell between 2-4.5 per cent.On the flipside, Adani Ports, Bajaj Auto, Divis Labs, Hindustan Unilever, Infosys,
Dr Reddy's Labs and Bajaj Finserv were among the losers.The overall market breadth was extremely negative as 2,416 shares were falling while
576 were declining on the BSE.
