Share Market Today: Sensex Slides 942 Points; Nifty Below 24K. Reliance Shares Tank

Share Market Today: On the 30-share Sensex platform, Adani Ports (3.23 per cent), Reliance (2.77 per cent), Sun Pharma, NTPC, Bajaj Finserv, Tata Motors emerged losers

Share Market Today: The two key equity benchmark indices, Sensex and Nifty, on Monday tanked over 1 per cent mostly due to heavy selling in Reliance Industries and banking shares. The BSE Sensex declined 942 points to settle at 78,782. On the other hand, the NSE Nifty50 closed lower by 309 points to end at 23,995.

Stock Update

On the 30-share Sensex platform, Adani Ports (3.23 per cent), Reliance (2.77 per cent), Sun Pharma, NTPC, Bajaj Finserv, Tata Motors emerged losers. On the flip side, M&M, TechM, SBI, HCLTech, Infosys, IndusInd Bank emerged gainers.

India (VIX), the fear index that measures the volatility in the markets, ended higher by 5.01 per cent at 16.70 points.

In the broader markets, with Nifty Midcap100 and Nifty Smallcap100 closed lower by 1.31 per cent, and 1.98 per cent, respectively.

Sectoral update

All sectoral indices closed in the red, with Nifty OMCs, Realty, and Media each dropping more than 2 per cent. Financials, FMCG, Metal, Private Bank, and Consumer Durables also declined, each falling over 1 per cent.     

In the previous session on Friday, the BSE and NSE conducted a one-hour special 'Muhurat Trading' session on the occasion of Diwali on November 1, marking the start of the new Samvat 2081.

Foreign institutional investors (FIIs) offloaded equities worth Rs 211.93 crore on Friday, according to exchange data.

Foreign investors pulled out a massive Rs 94,000 crore (around $11.2 billion) from the Indian stock market in October, making it the worst-ever month in terms of outflows, triggered by the elevated valuation of domestic equities and attractive valuations of Chinese stocks.

Global markets

In Asian markets, Seoul, Shanghai, and Hong Kong settled higher. European markets were trading mostly higher. The US markets ended in positive territory on Friday.

Global oil benchmark Brent crude climbed 2.57 per cent to $74.98 a barrel.

Rupee at all-time low

The rupee on Monday fell 4 paise to a record low of 84.11 (provisional) against the US dollar, tracking a weak trend in domestic equities and relentless foreign capital outflows. Forex traders said the Indian rupee touched new all-time lows weighed down by negative domestic markets which fell nearly 1.18 per cent. A recovery in crude oil prices and FII outflows also dented investor sentiments.

However, the softening of the US dollar prevented a sharp fall.

At the interbank foreign exchange, the rupee opened at 84.07 against the US dollar. During the session, the local currency oscillated between a high of 84.06 and a low of 84.12. It finally settled at its all-time low of 84.11 (provisional), a loss of 4 paise from its previous close. On Thursday, the rupee edged up 1 paisa to 84.07 against the US dollar.