Taking Stock: Sensex dives 1,158 points, Nifty ends below 17,800 on worst day for markets since April

Taking Stock: Sensex dives 1,158 points, Nifty ends below 17,800 on worst day for markets since April

Indian markets fell almost 2 percent on October 28, their worst performance since April 12, on weak global cues, selling across sectors and increased volatility due to monthly expiry of futures and options contracts.

The Sensex nosedived 1,158.63 points, or 1.89 percent, to 59,984.70, and the Nifty ended 353.70 points, or 1.94 percent, down at 17,857.30.

Profit booking extended for the second consecutive day, with selling seen across sectors. Only 6 of 30 Sensex stocks ended in the green. While six Nifty companies gained, 44 ended in the red. The selloff pushed the Nifty below 17,800 and the Sensex down by over 1,300 points intraday.

"Today, Morgan Stanley downgraded India to equal weight due to outperformance by Indian markets in recent months. Inflation and slowdown in global growth momentum are other concerns amid expensive valuations," said Santosh Meena, Head of Research, Swastika Investmart Ltd.

The rise in fresh COVID cases in some of the countries was weighing on investor sentiment, he said.

"We are in a structural bull market where intermediate corrections will be a part of this journey and these kinds of corrections will provide good buying opportunities in quality stocks," Meena added.

The broader indices had a better day than the benchmarks.