Dalal Street Bleeds As Sensex Tests 83,500 And Nifty Ends At 25,600
During early morning trade, the Sensex opened at 83,964 registering a marginal gain of over 13 points, while the Nifty started trade at 25,767, falling more than 3 points.
The Indian benchmark indices recorded significant losses as the Sensex fell over 500 points to close over 83,400 and the Nifty declined over 170 points to end trade at nearly 25,600.
Among the top gainers on the 30-share BSE Sensex were stocks like Titan, Bharti Airtel, Bajaj Finance, Mahindra & Mahindra and State Bank of India. Meanwhile, the laggards included Sun Pharmaceuticals, Adani Ports, Bajaj Finserv, Axis Bank and Hundustan Unilever.
In the broader 50-share NSE Nifty50, the Nifty Smallcap 100 fell 0.82 per cent. Sectorally, the Nifty Consumer Durables index gained 0.39 per cent and the Nifty Metal index declined 1.44 per cent.
During early morning trade, the Sensex opened at 83,964 registering a marginal gain of over 13 points, while the Nifty started trade at 25,767, falling more than 3 points.
Notably, the Gift Nifty indicated a decline of 22 points trading at 25,872 at 8:32 AM on Tuesday.
Why Are Markets Crashing?
Foreign Institutional Investors (FIIs) continued their selling streak for the fourth straight session, as rising US bond yields and fading hopes of a near-term Fed rate cut weighed on risk appetite, said Vinod Nair, Head of Research at Geojit Investments Limited. On Monday, FIIs offloaded equities worth Rs 1,883.78 crore, according to exchange data, while Domestic Institutional Investors (DIIs) purchased stocks totaling Rs 3,516.36 crore in the previous trade.
Markets will remain closed on Wednesday for Guru Nanak Jayanti. Profit-taking in heavyweight sectors subdued overall sentiment, and weak global cues kept risk appetite low. Inconsistent FII flows further contributed to the cautious market mood, noted Ajit Mishra, SVP of Research at Religare Broking Ltd.
According to Dr VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services, "FIIs’ renewed selling is constraining the rally in the market. During the last four days, FIIs have sold equities worth Rs 14,269 crore. This indicates they are likely to continue selling on rallies."
Further, market sentiment was also subdued due to moderate second quarter earnings.
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