Stock Market Crash: Nifty falls 1,000 points, heads towards 52-week low; India VIX up 60%

The Nifty 50 index has opened 1,000 points lower on Monday, April 7, in-line with the sell-off seen in the global markets. The index, with this plunge, has opened below its March 4 low of 21,964.

The Nifty 50 had made a recent swing low of 21,964 on March 4, before a 1,900 point recovery. As of Friday's close, the index had given up 50% of that recovery.

All Nifty stocks had opened in the red, with shares like Trent, Tata Steel, Tata Motors falling as much as 10% in early trade. 11 Nifty stocks are trading at a 52-week low.

Markets are reacting to the sell-off seen in the US markets on Friday, as the two-day rout took the overall market capitalisation erosion of over $5 trillion.

In response, US President Donald Trump said that while he does not want anything going down, sometimes medicines need to be taken to fix something.

The two major events this week for the Indian equity markets include the RBI Policy, which will be unveiled on Monday, while TCS will kickstart the fourth quarter earnings season on Thursday, April 10.

The 61.8% retracement level of the rally that the Nifty had seen from the March 4 lows to the recent highs of 23,650 comes up to 22,692, but with the way the GIFT Nifty is placed, all of these levels become redundant.