Selling pressure from RIL and HDFC Bank led to a major crash in Indian indices. The market capitalisation of BSE-listed companies dropped by a whopping Rs 2.53 lakh crore. India VIX surged due to increasing volatility and concerns over Q4 earnings, election season, and US Fed rate cut.
"The drop in VIX is unprecedented, as previously readings of VIX near 8-9% were seen when markets were making a top. This is showing that traders have become overly positive about the upcoming days."
Stocks that were in focus included names like TVS Motor, which rose 2.22%, Berger Paint, which increased 0.7%, and Tata Communication, whose shares declined 1.55% on Monday.