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.
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