After having hit fresh all-time highs on Wednesday morning, Sensex and Nifty saw a sharp sell-off as stock markets closed deep in red. Sensex and Nifty tanked 1.5% each during the day’s trade. Only three of the 30 Sensex constituents closed with gains. ONGC gained 6.25% while Power Grid and IndusInd Bank were up less than half a percent. Axis Bank and Kotak Mahindra Bank were the top drags. India VIX shot up 9.94% to end above 23 levels. Broader markets mirrored the sharp fall.
Vinod Nair, Head of Research at Geojit Financial services –
“The market rally which was led by developments on vaccine and FPI inflows came to a halt today due to profit booking across sectors in the second half of the trading session. We can expect profit booking to continue in our domestic market, in the short-term, as the liquidity driven rally can take a pause having reached…