Indian equities continue to witness a massive sell-off, with the NSE Nifty extending its losses to open below its major crucial levels, amid escalating conflict between the US, Israel and Iran, as well as rising crude oil prices. In the opening trade at 9:15 am, the Nifty opened down by 476.90 points or 1.92% at 24,388.8, while the BSE Sensex was lower by 1,710.03 or 2.13% at 78,528.82. However, the indices witnessed a recovery, as of 2:40 pm, with the Nifty trading at 24,528 and the Sensex down by 966 points.
The sentiment was significantly weak, as the India VIX jumped 17.04% to 20.05, crossing the key 20 mark. Typically, a VIX level above 20 signals heightened investor anxiety and expectations of bigger market swings in the near term.
High-beta sectors bore the brunt of the market correction. The Nifty Auto index fell 2.79%, while Nifty Metal declined 2.78% and Nifty Realty slipped 2.71%, making them the worst-performing sectoral indices of the day.
