Sensex crashes 1,000 pts, Nifty below 24,650 on profit booking after Monday's rally; IT, FMCG drag

Sensex tumbles over 600 pts, Nifty below 24,800: Rising crude among key factors behind the market decline today.

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The domestic equity benchmarks declined sharply by over 1 percent on April 13 after Monday's mega rally amid profit-booking by the investors. Nifty IT, FMCG, Financials and Auto were among the key losers among the sectoral indices.

The Sensex declined 1,093.86 points or 1.32 percent to hit an intraday low of 81,336.04, while the broader Nifty was down 289.8 points or 1.16 percent to 24,634.90.

Bharat Electronics, Dr. Reddy's Laboratories, Jio Financial Services, Cipla and Sun Pharmaceutical Industries were among the top gainers in the Nifty50 pack.

ETERNAL, Infosys, Hindalco Industries, Power Grid Corporation of India and HCL Technologies were the major laggards in today's trading session, declining up to 3 percent.

Meanwhile, the market breadth remained positive with about 2300 shares advancing, 859 declining. About 140 shares remain unchanged.

"It is important to understand that the sharp 916-point surge in Nifty was not caused by institutional activity. The combined FII and DII buying yesterday was only Rs 2,694 crore. This means the market surge was triggered by short-covering and HNI plus retail buying," VK Vijayakumar, Chief Investment Strategist, Geojit Investments Limited, said.

Foreign Institutional Investors (FIIs) bought equities worth Rs 1,246.48 crore on Monday after a day's breather, while the global oil benchmark Brent crude dipped 0.23 percent to USD 64.81 a barrel.

The broader markets, however, bucked the trend, rising up to 1 percent. The Nifty Midcap100 was up 0.26 percent at around 10:30 am, while the Smallcap 100 index traded 0.65 percent higher.

In Asian markets, South Korea's Kospi, Japan's Nikkei 225 index and Shanghai's SSE Composite index were trading in the positive territory while Hong Kong's Hang Seng quoted lower.

US markets ended significantly higher on Monday. The Nasdaq Composite surged 4.35 percent, S&P 500 jumped 3.26 percent and Dow Jones Industrial Average climbed 2.81 percent.

Disclaimer: The views and investment tips expressed by experts on Moneycontrol are their own and not those of the website or its management. Moneycontrol advises users to check with certified experts before taking any investment decisions.