JOIN USStocks were volatile, especially in banking, capital goods, IT, metal and realty spaces. Metals in particular saw huge selling pressure following sell-off in global metal companies’ shares consequent to Australia imposing 40 per cent tax on mining companies.
Volatility expectations
NSE’s volatility index India VIX rose for the second day in a row. The index rose 5.24 per cent to 23.30 as stock prices fell on profit taking. India VIX is a measure of the market’s expectation of volatility over the next 30 calendar days and it is calculated based on the S&P CNX Nifty options prices.
Index heavyweight Reliance Industries declined, while all the sectoral indices on BSE were in the red. The BSE Sensex fell 249 points or 1.43 per cent to close at 17,137 points and the S&P CNX Nifty at NSE fell 75 points or 1.42 per cent to settle at 5,149 points at the end of the day.
The market breadth, indicating the overall health of the market, was weak and in total reversal of a strong breadth earlier in the day with as many as 782 shares advanced as opposed to 2107 stocks that declined and a total of 76 scrips remaining static. The markets reported at the end a total turnover of Rs 94,002.21 crore envisaging Rs 76,512.24 crore from NSE futures & options, while the remaining Rs 12,773.97 crore and Rs 4,716 crore from the NSE cash segment and the BSE cash segment respectively.