Sensex tanks 900 pts, Nifty gives up 22,900; key factors dampening market sentiment

Indian market extended their weekly losing streak on Monday as crude prices rose amid the West Asia crisis. US President Donald Trump rejected Iran's latest peace proposal, sending brent crude oil prices higher by 2%. Brent crude prices rose to $99.19 per barrel today.

Elevated global yields and persistent foreign fund outflows also dented market sentiment.

Nifty50 index crashed 282 points to 22,857 and Sensex plunged 900 points to 73,000 in early deals today.

Among Sensex constituents, HDFC Bank, Bajaj Finance, SBI, ICICI Bank, Kotak Mahindra Bank, Trent, Reliance Industries, BEL, HUL, and Titan shares were the top losers, falling up to 2% today. Tata Steel was the only Sensex gainer, rising 0.35% in the current session.

Shrikant Chouhan, Head Equity Research, Kotak Securities said, "On an immediate basis, the Nifty has support at 22,800, followed by 22,600, while the corresponding levels for the Sensex are 73,200 and 72,500. A sustained move above 23,300 on the Nifty would be positive and could trigger a recovery towards 23,600. Similarly, a move above 74,500 on the Sensex could support an upward move towards 75,500. The recommended strategy would be to accumulate select stocks in the 22,800–22,600 range on the Nifty and 73,200–72,500 range on the Sensex, while using any recovery towards 23,200–23,300 and 74,200–74,500 to reduce weak long positions."

Nifty midcap 100 index slipped 605 pts to 60,314 and Nifty small cap index fell 204 pts to 19,710 level.

In sectoral terms, BSE auto index crashed 531 pts to 59,116 and BSE bankex lost 941 points lower to 61,981. All BSE sectoral indices were trading in the red.

As many as 112 stocks hit their 52-week highs today. On the other hand, 115 shares fell to their 52-week lows on BSE.

Out of 3971 shares traded, 1290 stocks were trading in the green on BSE. Around 2453 stocks were in the red and 228 stocks remained unchanged.

Around 127 stocks hit their lower circuits. On the other hand, 122 shares hit their upper circuit limits on BSE. India VIX, the volatility index, of the Indian stock market surged 15% to 13.94 against 12.16 on Friday

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Domestic benchmarks ended higher on Friday, with Sensex rising 315.20 points or 0.43 per cent, and Nifty gaining 77.40 points or 0.34 per cent for the day. Realty, auto and FMCG stocks were among the top sectoral gainers, while IT remained subdued.