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The Indian benchmark index continues its fall for the 3rd straight session, currently down 0.83% to 19,736, by 1:08 PM IST. The index has lost 456 points for the week so far, that’s a cut of around 2.26%.
Throughout the week, the index remained pressurized by heavyweights. Earlier, Reliance Industries (NS:) and HDFC Bank (NS:) dragged Nifty 50 and today, ICICI Bank (NS:) and ITC have taken charge. ICICI Bank is down 2% to INR 967.45, while ITC is trading with a cut of 1.34% to INR 446.8. Both of them hold a combined weightage of over 12.5% in the Nifty 50 and are contributing to a drag of 0.22% in the index. TCS (NS:) is another counter that is spoiling the sentiments with its 1.44% cut.
The bad breadth of the market can be guard by the fact that no sectoral index is trading in the green zone and sectors such as PSU Banks are trading with a cut of over 2%.
However, what’s more surprising is, that even in this fearful market, , also known as the fear index is also down 1.17% to 10.98. Generally, VIX rises during a market fall but that’s clearly not the case yet.
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