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The benchmark Nifty 50 index plunged below the psychologically crucial level of 10,000 points for the first time since October
.Nifty recovered and is trading off day's low amid some buying momentum seen in the IT stocks. However, the psychological 10,000 mark continues to remain stiff resistance at the current juncture. Bank Nifty, on the other hand, remains under pressure, a break below today's low would further accentuate selling pressure.
The benchmark Nifty 50 index plunged below the psychologically crucial level of 10,000 points for the first time since October as investors grapple with multitude of concerns including a trade war between the US and China.
The Nifty 50 followed its peers in Asia and the US today after US President Donald Trump signed a memorandum approving the impositions of tariffs on Chinese goods worth up to $60bn, sparking fears that it may lead to a tit-for-tat tariff war between the world's two largest economies.
Nifty 10,000 and 9,900 strike price put options were among the most active options contracts on the National Stock Exchange.
Nifty 10,000 strike price put option saw open interest decrease by 2.36 lakh shares to 56.47 lakh shares. On the other hand, Nifty 9,900 strike price put option saw addition of 15.15 lakh shares to 39.35 lakh shares.
Global as well as domestic concerns have hit investors' risk appetite at a time when corporate earnings growth in India is finally making a comeback with market experts fairly confident that Nifty 50 companies will achieve 23-25% growth in 2018-19 (Apr-Mar).
Mid-cap, small-cap stocks have been hit due significant selling. The Nifty Midcap 50 and Nifty Free Float Smallcap 100 index have fallen 16% and 21%, respectively, from their record highs hit in January.
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