Sensex at 74,692 and Nifty at 23,467 slide then recover
Business
Sensex and Nifty had a rough start on Monday, dropping over 1% in early trading.
By 11am Sensex was still down 545 points at 74,692, and Nifty slipped 176 points to 23,467.
Most stocks were in the red, nearly four times as many shares fell as rose, but both indices managed to claw back some ground from their lowest levels.
Investors buy dips, India VIX eases
Investors jumped in to buy stocks at lower prices after several days of declines (3.5% for Sensex and 4% for Nifty), seeing a chance for bargains.
The market also got a breather as the India VIX volatility index eased, signaling less panic.
Technical analysts like Hitesh Tailor noted that Nifty found solid support around the 23,400 to 23,500 range, which helped steady things for now.