InvestorQ : Why did the Sensex correct by over 500 points on Monday 26 October?
swati Bakhda made post

Why did the Sensex correct by over 500 points on Monday 26 October?

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Sam Eswaran answered.
4 weeks ago
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On Monday, it almost looked like Black Monday repeat. The Indian stock markets were sharply dragged down by Reliance Industries after a Singapore arbitration panel put its deal for Future Group assets on hold. RIL had committed to invest over Rs.27,000 crore to take over most of the businesses of Future group.

Among sectors metals was the top loser with the Nifty metals index losing as much as 4.57% and the Nifty Auto index skid as much as 3.6%, as there were no signs of any stimulus from the US. The rising COVID numbers from Europe also did not make the markets too happy.

Two of the top two wheeler companies, Hero Motocorp and Bajaj Auto fell by over 6% on dwindling hopes of a stimulus. There was also worry in the market that the $35 billion Ant IPO would absorb most of the liquidity available in the market and selling was likely.

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