InvestorQ : What was the trigger for the Sensex correcting 675 points on 03 April and how do you see the markets next week?
Dia Deshpande made post

What was the trigger for the Sensex correcting 675 points on 03 April and how do you see the markets next week?

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Ria Jain answered.
6 months ago
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To a large extent, it was week-end panic and caution as traders wanted to avoid being too long on a market that is largely expected to be uncertain as Monday is also a trading holiday. Sensex closed 675 points down at 27,591, while Nifty fell by 170 points to close at 8,083. Both the Nifty and the Sensex are back to very near their support levels of 8,000 and 27,000. Banks took it on their chin once again. Axis Bank was the top loser in the Sensex, falling 9%, followed by IndusInd Bank, ICICI Bank, Titan, SBI and HDFC. There was some respite from less volatile stocks like ITC and Sun Pharma. 70% of the Sensex stocks closed in the red. On the positive side, the VIX has cooled to 55 from a high of 86 but it is still too high to really warrant a recovery in the markets. Banks have been under a lot of pressure (especially the private sector banks) after the sectoral downgrade by Moody’s.

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