E-Paper
Stock market crash: Sensex falls over 1,000 points, Nifty drops over 300 points
BSE Sensex plunged 1,079.44 points to reach 80,210.52, as of 10.46 am while the NSE Nifty dropped 330.55 points to settle at 24,218.15.
Benchmark indices Sensex and Nifty witnessed a sharp decline in early trading on Friday, weighed down by a sell-off in metal stocks, foreign fund outflows, and weak global market trends. The 30-share BSE Sensex plunged 1,079.44 points to reach 80,210.52, as of 10.46 am while the NSE Nifty dropped 330.55 points to settle at 24,218.15.
Within the 30-share Sensex blue-chip group, major losers included Tata Steel, JSW Steel, IndusInd Bank, Axis Bank, Mahindra & Mahindra, Larsen & Toubro, State Bank of India, and Reliance Industries.
On the other hand, Bharti Airtel, Nestle, Adani Ports, and Hindustan Unilever registered gains.
Foreign Institutional Investors (FIIs) sold equities worth ₹3,560.01 crore on Thursday, according to data from stock exchanges.
Experts highlighted that Indian markets remained subdued amid weak global cues and anticipation of the Federal Reserve's rate announcements. Despite the current consolidation, they anticipate a potential rally in railway, defence, and other stocks during the pre-budget phase.
Ajay Bagga, a banking and market expert, told ANI, "Weak global cues are an overhang on the Indian markets today. There is little faith in the frequent Chinese stimulus announcements, which have been underwhelming in terms of real impact. Indian markets are continuing their range-bound, consolidating mode. We expect that to continue till the Fed rate cut event is out of the way. Post that, we could see a pre-Budget rally set in. Railways, Defence, Industrials, IT, and Financials are the strong spots going into the year-end."
In sectoral performance on NSE, most indices recorded declines, although the Nifty Oil and Gas and Nifty Realty indices showed gains during the early session.
Among the Nifty 50 stocks, 14 advanced while 36 declined. Eicher Motors, BPCL, Adani Enterprises, Nestle India, and ICICI Bank were the top gainers, whereas Tata Steel, JSW Steel, and Hindalco were the leading losers.
Akshay Chinchalkar, Head of Research at Axis Securities, commented on technical levels, stating, "The index is now sitting inside the 50- and the 100-day averages, with the former expected to offer support around 24,430, a level that sits inside critical support that spans the 24,360 and 24,445 zone. Immediate support lies at 24,500, which bulls will need to protect at least on a closing basis."
In other Asian markets, Japan's Nikkei 225 fell by 1.24%, Hong Kong's Hang Seng was down 1.46%, and Taiwan's Weighted Index saw a marginal rise of 0.18%. South Korea's market remained positive, reflecting mixed trends across the region.
(With ANI, PTI input)
