Benchmark indices today slumped nearly by 3% each to a broad-based selloff due to weak global cues and fears of recession.

At the end of the day, the Sensex decreased by 2.74% to 78,759, while the Nifty fell 2.68% to 24,055. There were 469 advances, 3,084 declines, and 88 shares that remained unchanged.

Broader markets, including mid and small caps, fell more than headline indices, dropping 3.4% and 4.2%, respectively.

India’s VIX surged over 42% to around 20.37, marking a 52% increase, the highest since August 2015.

All 13 sector indexes fell today, with Nifty Metal and Realty dropping 5% and 4.5%, respectively. Tata Steel, Hindalco, and JSW Steel were major laggards in the metal sector.

FMCG stocks like HUL, Nestle, and Dabur were top gainers, with Marico also closing positively despite issues in Bangladesh.

The Nifty Auto and Energy indexes fell nearly 4%, with Tata Motors being the biggest loser on the Nifty, dropping almost 8%.

Atul Parakh suggests that, while the short-term market is uncertain, India’s long-term growth outlook is positive due to strong macroeconomic fundamentals. He advises against investing immediately and recommends waiting for better entry points.

Adani Ports, Tata Steel, ONGC, Hindalco, and Tata Motors were among the biggest Nifty top losers; however, HUL, Nestle, Britannia, Tata Consumer, and Apollo Hospitals ranked as the most outstanding gainers.

On Sensex, Hindustan Unilever and Nestle India emerged as the major gainers. Tata Motors, Tata Steel, State Bank of India, Maruti Suzuki, Power Grid, and JSW Steel remained in decline.

The Nifty Bank Index fell 1,294 points to 50,056, while the Nifty Midcap 100 Index dropped 2,056 points to 55,857.

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