Sensex opens down 103.56 points to 74,625.71 as VIX jumps
Sensex kicked off Monday in the red, dropping 103.56 points to 74,625.71. Nifty also dipped slightly.
Banking and financial stocks were the main drag, but public sector banks and pharma shares managed to rise.
With India's VIX rising 2.59% to 14.43, markets are bracing for a bumpy ride, especially this week as action will be stock-specific in response to Q2 results.
V K Vijayakumar expects stock-specific week
Public sector banks led the gains with a nearly 2% jump, while private bank stocks slipped.
Chief investment strategist at Geojit Investments V K Vijayakumar noted that last week's rally and strong company results have kept spirits up, but he cautioned that high crude oil prices ($109 per barrel) and the escalation of the tensions in Hormuz could keep things shaky.
As he put it: "The market actions this week are likely to be stock-specific in response to the Q2 results."