Sensex slips below 59,000 amid volatility

The benchmarks were trading lower in Monday afternoon trading amid the volatility.

The market opened on a negative note, following weak global indices and witnessed profit taking in the majority of counters. It remained volatile in the first half of the year amid nervousness ahead of the US Fed meeting and a possible reduction schedule to be announced this week. Metals and financials came under increased pressure.

As of 1pm, BSE Sensex was trading at 58,900.43, down 115.46 points or 0.20%. It hit an intraday high of 59,202.56 and a low of 58,525.89. The Nifty 50 was trading at 17,523.95, down 61.20 points or 0.35%. It hit an intraday high of 17,622.75 and a low of 17,425.30.

The volatility index, India Vix, rose further. It increased 8.37% to 16.51.

Bajaj Finserv, Hindustan Unilever, ITC, HCL Tech and Bajaj Finance were the main winners of the Nifty 50, while Tata Steel, Hindalco, JSW Steel, Eicher Motors and Bajaj Finance were the main laggards.

Metals lose their shine

On the sector front, all indices except IT and FMCG were in the red. Metals recorded the highest losses. Automobiles, finance, pharmaceuticals, healthcare and consumer durables also lagged.

Nifty IT increased 0.24%, while Nifty FMCG increased 1.25%.

Meanwhile, Nifty Metal was down 4.34%. Nifty Bank and Nifty Financial Services fell 0.75% and 0.73%, respectively. Nifty Private Bank was down 0.65%, while Nifty PSU Bank was trading down 2.27%. Nifty Consumer Durables was down 1.05%, while Nifty Auto was down 0.74%. The Nifty Pharma and Nifty Healthcare indices were trading down 0.74% and 0.78% respectively.

Wider indices

The larger indices also came under pressure and were in the red. Nifty Midcap 50 was down 0.86%, while the Nifty Smallcap 50 was down 0.61%. The S&P BSE Midcap was down 0.53%, while the S&P BSE Smallcap was down 0.47%.

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