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Following weak global cues on account of falling crude oil prices and worse-than-expected economic data from the US and the Euro zone, the Nifty and the Sensex shed over 1.2 per cent on Monday.
The Nifty fell 1.23 per cent to 8,723 and the Sensex dropped 1.3 per cent to 28,294.
“Global markets were weak following weak data across the US and Europe. Crude prices have also fallen on indications that there may be no deal to freeze output at the OPEC meeting,” said Dipen Shah, a Senior VP at Kotak Securities.
“The important triggers for the market in the next few weeks will be the meeting of OPEC members this week and the RBI meeting early in October, which will be closely watched for any rate cuts. CPI inflation has cooled off to near 5 per cent in August 2016 and that, along with the fall in IIP (Index of Industrial Production), has raised hopes of a rate cut in the ensuing RBI meeting,” he added.
Both FIIs and DIIs (domestic institutional investors) offloaded net equities to the tune of ₹206 crore and ₹113 crore, respectively. Retail investors on the BSE also sold net equities worth ₹6 crore. All the broader and sectoral indices barring Nifty Media closed in the red. Volatility was high and the volatility index India Vix closed at 14.5650, up 9.95 per cent.
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