Live: PB Fintech sees record single day fall on IRDAI draft; NSE shares list | Closing Bell
Market mayhem grips Dalal Street, with the Sensex crashing over 1,100 points and the Nifty plunging 350 points to break below the 23,100 mark. Market breadth deteriorates sharply, while the VIX soars 26%, with the Nifty slipping to its lowest level since April 7. Brent crude is up 8% from yesterday’s low, while the US 10-year yield jumps over 13 basis points to 5.1% and the 30-year yield hits its highest level since June 2007. Traders are increasing bets on a Fed rate hike in October. European markets trade lower, with the DAX down 0.8%, while Asian markets are mixed, with the Nikkei 225 higher and the S&P/ASX 200 down 0.7%. NSE extends its gains after a muted debut on the BSE, while PB Fintech is on track for its biggest fall on record, wiping out over ₹25,000 crore in market capitalisation. Axis Bank, Reliance Industries and Bharti Airtel are among the biggest contributors to the Nifty’s fall. Among Nifty 50 stocks, Cipla and BEL are the gainers, while Bajaj Finance, Axis Bank and HDFC Life are the top losers.
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