MUMBAI : Spooked by concerns of a possible resurgence in covid cases and ahead of the release of the latest Monetary Policy Committee meeting minutes, Indian stock indices tumbled by over a percent each, wiping off ₹4.4 trillion of investor wealth in the bargain.
The Nifty fell 186.20 points to close at 18,199.10 while the Sensex tanked 635 points to end at 61,067.24 points after markets gauged the whole import of the Centre’s advisory to step up genome sequencing for identifying fresh covid strains spreading from China.
The MPC minutes of its meeting on 5-7 December released after market closing showed the Reserve Bank of India governor voting against a pause in rate hikes on the ground of it being premature.
Underscoring investor fears was a rise in fear gauge India Vix by a whopping 12.93%, the most in six months, to 15.56. A rise in the Vix reflects uncertainty and increasing bearishness while a fall implies increased optimism.