After a seven-week sprint that lifted stock bellwethers by 12%, investors and traders finally grabbed their chance to book profits on Wednesday, as pandemic fears resurfaced.
The Nifty and Sensex tanked by 1.4% and 1.3% respectively, their worst fall since 26 October, as Singapore revived mask mandates and issued a travel advisory amid the spread of JN.1, a new sub-variant of the novel coronavirus causing covid-19.
India has recorded 21 cases of the new sub-variant so far, and the Centre has asked states and Union territories to maintain vigil.
The broader markets saw a bigger fall, with the Nifty Midcap 150 and the Nifty Smallcap 250 tanking over 3% each.
Nilesh Shah, managing director, Kotak AMC, said that anecdotally, after a rally as long as the latest leg, markets have tended to correct.
“Wednesday has shown us that markets can’t move in a linear fashion. The past 30 years have shown us that markets tend to correct after a seven-week-long rally," Shah said.
“The triggers could vary from valuations to geopolitical events or, as we are seeing right now, covid."
Fear gauge India Vix rose by 4.2% to 14.45, its highest level in a little over two months.
هذه القصة مأخوذة من طبعة December 21, 2023 من Hindustan Times.
ابدأ النسخة التجريبية المجانية من Magzter GOLD لمدة 7 أيام للوصول إلى آلاف القصص المتميزة المنسقة وأكثر من 9,000 مجلة وصحيفة.
بالفعل مشترك ? تسجيل الدخول
هذه القصة مأخوذة من طبعة December 21, 2023 من Hindustan Times.
ابدأ النسخة التجريبية المجانية من Magzter GOLD لمدة 7 أيام للوصول إلى آلاف القصص المتميزة المنسقة وأكثر من 9,000 مجلة وصحيفة.
بالفعل مشترك? تسجيل الدخول
Vikrant Massey: Retirement Or Publicity Stunt?
Early on Monday, actor Vikrant Massey penned a note on Instagram, hinting that he would be stepping away from acting projects "until time deems right."
On Way Out, Biden Issues 'full, Unconditional' Pardon To His Son Hunter In Tax, Gun Cases
Joe Biden on Sunday said he had pardoned his son, Hunter Biden, who pleaded guilty to tax violations and was convicted on firearms-related charges, backtracking on a long-standing promise to keep his hands off the matter and a move that even his most staunch supporters said would besmirch his legacy.
'WE FEEL SIMPLE IS CLASSY, AND CLASSY IS ALWAYS STYLISH'
Actor Rakul Preet Singh and actor-producer Jackky Bhagnani not just excel in their respective careers, but also stand out as one of the most fashionable couples in the industry. And marriage, as they reveal, has only added more sparkle to their bond.
LET THE GAMES BEGIN... AGAIN!
As Squid Game returns to Netflix with its second season, actors Lee Jung-jae and Lee Byung-hun hint at what the new season may have in store for fans
Self-control a must to keep reel and real life separate
As Squid Game returns to Netflix with its second season, actors Lee Jung-jae and Lee Byung-hun hint at what the new season may have in store for fans
Jonita's What Jhumka moment!
The singer, who was the opening act at the Grammy winner's recent India gig, calls her 'an absolute sweetheart'
B'WOOD ON AP'S MIND? 'WHY NOT?'
Ahead of his India tour, AP Dhillon tells Soumya Vajpayee that he'd get into Hindi film music if he doesn't have to 'compromise on' artistic vision
Paris medallist Aman to miss wrestling Natls
Paris Olympics bronze medallist Aman Sehrawat will be among several top wrestlers from Railways who will not participate at the Senior National Wrestling Championships to be held in Bengaluru from December 6.
SINDHU TO GET MARRIED ON DECEMBER 22 IN UDAIPUR
Double badminton Olympic medallist PV Sindhu is set to get married on December 22 with Hyderabad-based Venkata Datta Sai, the player's family confirmed on Monday.
Olympic champs Hassan, Tebogo adjudged 'Athletes of the Year'
Dutch marathon runner Sifan Hassan and Botswanan sprinter Letsile Tebogo, both of whom took gold at the Paris Olympics, were named 'Athletes of the Year' by World Athletics in Monaco on Sunday.
