Nifty breaks below 8,000 for first time since June 24, 2016 :21-Nov-2016

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The benchmark indices pared all its gains to trade sharply lower tracking muted trend in Asian markets after the US dollar nudged up to a six-month high as investors awaited more clarity on President-elect Donald Trump’s policies for United States. Back home, investors continued to gauge the impact of demonetisation on the economy.

At 10:48 am, the S&P BSE Sensex was trading at 25,888, down 261 points, while the broader Nifty50 was ruling at 7,977, down 96.55 points.

“The Nifty50 has next support near to 8,000 zones and below that it may start the fresh decline towards 7,850 zones. On the upside, it has hurdle near to 8,150 zones and above that only it may negate immediate negative trend for a bounce back move towards 8,220-8,250 zones,” said brokerage Anand Rathi in a technical note.

Broader market underperformed the headline indices with BSE Midcap and BSE Smallcap index down 2% each.

The India Volatility Index (VIX), a gauge of the market’s short-term expectation of volatility, surged 8% to 19.5975.

Meanwhile, Rupee extended losses to hit its lowest level since June 1 (68.24) against dollar as sentiment turned bearish on combination of growing US rate hike expectations and stunning dollar run.

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