Indian Equities Extend Losses, Sensex Drops 450 Points from Daily High Amid Nifty Sliding Near 24,200

Indian Equity Markets Experience Volatility in Afternoon Trade

Key Statistics:

• Sensex: Fell 450 points from the day's high
• Nifty: Rose 275.75 points or 1.14 percent to 24,303.80
• Sensex High: 78,526.25
• Nifty High: 24,303.80
• Foreign Institutional Investors (FIIs): Offloaded equities worth Rs 6,345.57 crore on Monday

The benchmark equity indices in India, comprising the Sensex and Nifty, experienced a mixed trading session on Tuesday. The Sensex initially jumped 960.09 points or 1.23 percent to an intraday high of 78,526.25, while the Nifty rose 275.75 points or 1.14 percent to 24,303.80.

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However, the indices pared some gains in the afternoon trade, with the Sensex falling about 450 points from the day's high. At around 1:30 pm, the Sensex was trading at 78,063.99, still up 497.84 points or 0.64 percent. The Nifty quoted 194.60 points higher at 24,222.65, up 0.81 percent.

The market volatility was attributed to several factors, including profit taking in information technology (IT) shares, with the IT index down up to 1 percent. Key IT stocks such as Coforge and Infosys fell 2.17 percent and 1.7 percent, respectively.

Additionally, the market remained volatile due to the weekly expiry of Nifty derivatives contracts and FII selling, with foreign institutional investors continuing to remain net sellers. The recovery seen in the market has revived hopes of further upside, with Anand James of Geojit Investments suggesting that a decisive move above the 24,300-24,370 range could open the way towards the 25,000 level.