InvestorQ : Why did the Nifty and Sensex correct so sharply from the top levels on 11 May?
Anjana Aiyar made post

Why did the Nifty and Sensex correct so sharply from the top levels on 11 May?

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Arya Nanda answered.
10 months ago
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On Monday, the Sensex lost nearly 750 points from the peak to settle in negative territory despite a strong start to the market. Volatility continued to dominate Dalal Street on Monday as the frontline indices erased all their morning gains with financial stocks like ICICI Bank, HDFC Bank, and HDFC contributed the most to losses. There was some buying visible in auto and IT counters. ICICI Bank (down over 5%) ended as the top loser on the index while Hero Moto (up over 6%) emerged as the top gainer on the index. However, mid caps outperformed the market gaining 0.65%. Among the buzzing stocks, VIP gained 10% after Rakesh Jhunjhunwala enhanced its stake. Hero gained on robust sales reported post the lockdown. RIL crossed the Rs.10 trillion mark to touch an all-time high of Rs.1615. The MSCI recast is scheduled tomorrow and will be critical after the Russell Index did not increase India weightage.

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