(Source: Poll of Polls)
Share Market: Indices Close Lower For Fifth Straight Session, Sensex Crashes Below 75K
On the 30-share Sensex platform, M&M, Kotak Bank, Maruti, Nestle, and ITC emerged among the gainers. Meanwhile, the laggards for the day included HCL Tech, Zomato, TCS, Infosys, and Bharti Airtel.
The Indian stock markets ended the session on Monday in red. The benchmark indices took a major hit throughout the session and ended trading in the negative territory. This marked the fifth consecutive fall for the markets on Monday and the Sensex crashed over 1 per cent to drop below the 75K level.
The BSE Sensex plunged more than 850 points to close the day under 74,500 at 74,454.41, while the NSE Nifty50 ended the session at 22,554.15, tanking almost 250 points.
On the 30-share Sensex platform, M&M, Kotak Mahindra Bank, Maruti, Nestle, and ITC emerged among the gainers. Meanwhile, the laggards for the day included HCL Tech, Zomato, TCS, Infosys, and Bharti Airtel.
In the broader markets, the indices settled completely in red. The Nifty Microcap 250 dominated the laggards and closed 1.25 per cent lower. Sectorally, the IT and Metal indices took the largest hits and slumped 2.71 per cent and 2.17 per cent respectively.
Why Did Markets Crash Today?
Ameya Ranadive, Chartered Market Technician, CFTe, Sr Technical Analyst, StoxBox, explained that sentiment remained weak in the market. "The decline was primarily driven by significant losses in heavyweight stocks, especially within the IT sector. This weakness followed reports of declining consumer confidence in the US, casting a shadow over the country's growth outlook.The broader market felt the impact, pulling down both small and midcap indices," the expert noted.
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Rupee and Oil Prices
The Indian rupee depreciated 4 paise to close at 86.72 (provisional) against the US dollar on Monday, weighed down by a sharp decline in the domestic markets and an increase in the Brent crude prices.
The global oil benchmark, Brent crude, inched up 0.03 per cent to touch $74.45 per barrel in futures trade. The foreign institutional investors (FIIs) dumped Indian equities worth Rs 3,449.15 crore on a net basis on Friday, according to exchange data.
Asian markets saw Shanghai, Hong Kong, and Seoul close lower, while the marketd remained closed in Tokyo for a holiday. European markets traded mostly in the positive territory, and the US markets closed significantly lower on Friday.
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