Sensex and Nifty hit new peaks before crashing, with Nifty falling 446 pts and Sensex dropping 1,628 pts from their respective highs. Market experts view the correction as healthy and expect bullish momentum to continue. All sectors experienced significant losses with India VIX surging over 10%.
Indias key indices closed firm after a roller coaster ride on Friday, snapping a four-day losing streak, as traders covered bearish bets on expectations that the Israel-Iran conflict may recede, while the rupee recovered on likely dollar sales by the Reserve Bank of India.
India s stock indices rose post volatile trading due to traders covering bearish bets on Israel-Iran conflict hopes. Rupee strengthened on likely RBI dollar sales, while gold surged. NSE s Nifty closed higher.
Prevailing bullish sentiment in broader markets, heightened volatility ahead of elections, entry of a new breed of participants and the availability of more index options for trading almost daily are the tailwinds.