National benchmarks witnessed a widespread sell-off in Monday afternoon trading amid weak global signals. The sell-off was triggered after the International Consortium for Investigative Journalism (ICIJ) reported reports of suspicious activity, or top-secret SARs, valued at more than $ 2 trillion globally. These transactions are not absolute proof of fraud or proof of nefarious activity, but are flagged by US authorities as suspicious.
Between 2010 and 2017, several Indian banks, regardless of ownership (public, private and foreign) helped facilitate transactions reported by the Financial Crimes Enforcement Network (FinCEN) of the Treasury Department for alleged money laundering, terrorism, trafficking drug and financial operations. fraud, the latest leaks suggest. READ MORE
The S&P BSE Sensex was hovering around 38,150 levels, down 700 points, and the Nifty50 index was testing the 11,300 level. Tech stocks were the top earners in the Sensex package, led by HCL Tech (up 4%). TCS, Tech Mahindra and Infosys also increased 1% each.
India VIX, the market volatility index, was up 10 percent in intraday trading.
Except for the Nifty IT index (up 1%), all of the NSE’s key sector indices were trading lower, while the Nifty Metal, Nifty Realty and Nifty PSU banking indices were each down 4%.
In the broader market, the S&P BSE MidCap and S&P BSE SmallCap indices were trading 3% lower.
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