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Indian equity markets saw an extremely volatile trading on Monday with the benchmark equity indices Sensex and Nifty collapsing after rising nearly 1% in the early session as India’s largest bank by market capitalisation HDFC Bank hit the record high in the opening bell. During the day, volatility shot like anything as India Vix, the volatility indicator on NSE, rose 14% to 15.47 and subsequently dropped 10.22% to 12.1825. Shares of PC Jeweller were the biggest losers among the deck of 300 shares of ‘A’ group on BSE followed by Intellect Design Arena, Kwality, Praj Industries, Aegis Logistics, Housing Development and Infrastructure, Delta Corp, Bhel, RattanIndia Power, India Cements, KEC International and Parag Milk Foods which cracked 6-11%.

Shares of as many as 2,126 companies ended in red with only 564 closing with gains out of the total 2,872 traded scrips on Monday. The S&P BSE Sensex dipped 215.37 points or 0.61% to settle at 35,011.89 while NSE Nifty lost 67.7 points or 0.63% to finish at 10,628.5 on Monday. Blue-chip shares of HDFC Bank, Adani Ports, Bharti Airtel, Power Grid, HUL, ONGC, Kotak Mahindra Bank, NTPC, SBI, Asian Paints, ICICI Bank were the top losers among the components of BSE Sensex. During the day, the benchmark Sensex hovered between 35,555.59 and 34,982.25.

Shares of Dr Reddy’s, Infosys, M&M, Tata Steel, Reliance Industries (RIL) and TCS emerged as the only notable gainers among the constituents of BSE Sensex on Monday. Shares of HDFC Bank shed as much as 3.37% to a day’s low of Rs 2,038.4 after hitting an all-time high of Rs 2,170.05 in the early morning deals. The stock of HDFC Bank finally closed down 2.99% at Rs 2,046.55. Shares of India’s largest telecom company Bharti Airtel plunged 3.29% to a day’s bottom of Rs 370 before concluding 2.77% lower at Rs 372 on Monday.

Following the decline in the share price of HDFC Bank, the stock alone wiped off as much as 130.44 points out of the BSE Sensex index. Whereas, stocks of HDFC Bank, ICICI Bank, HUL, HDFC, Kotak Mahindra Bank, SBI, Bharti Airtel, ITC and L&T on a collective basis washed off 255.68 points out of the Sensex.

Investors seemed to have turned a little cautious as the Reserve Bank of India started its second bi-monthly Monetary Policy Meeting today, 4 June 2018 which will be concluded on 6 June 2018. In today’s session, a relatively heavy wipe-out was witnessed in the small and mid-cap stocks as compared to the large-cap peers. Following which, the benchmark Nifty Midcap 100 and Nifty Smallcap 100 indices tumbled 1.13% and 2.77%, respectively.

Nine out of eleven sectoral indices on NSE concluded in red with Nifty Realty, Nifty PSU Bank, Nifty Bank and Nifty Financial Services leading the losses while Nifty IT and Nifty Metal indices managed to end in the green. Nifty PSE, Nifty Infrastructure and Nifty Services Sector index lost 1% each on Monday.

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