Share Market Today: Sensex Tanks 930 Points; Nifty Below 24500 Amid Broad-Based Sell-Off
Share Market Today: On the 30-share Sensex platform, except ICICI Bank all the indices closed in the red. M&M, Tata Steel, PowerGrid, SBI, Tata Motors, IndusInd Bank are among the prime losers
Share Market Today: The two key equity benchmark indices, Sensex and Nifty, on Tuesday plunged sharply by 1 per cent as foreign institutional investors are divesting from Indian equities to invest in more affordable markets in China and Hong Kong. The BSE Sensex tanked 930.55 points (1.15 per cent) to end at 80,220. On the other hand, the NSE Nifty 50 settled at 24,472, down 309 points, (1.25 per cent).
Stock update
On the 30-share Sensex platform, except ICICI Bank all the indices closed in the red. M&M, Tata Steel, PowerGrid, SBI, Tata Motors, IndusInd Bank are among the prime losers.
The fear index, India VIX, which gauges the volatility in the Indian stock markets, closed higher by 4.21 per cent at 14.34 points.
In the broader market, the Nifty Smallcap 100 index fell 3.92 per cent, while the Nifty Midcap 100 dipped by 2.61 per cent.
Sectoral update
Among the sectoral indices, the Nifty PSU Bank index experienced the largest decline, closing down 4.18 per cent. It was followed by the realty and metal indices, which dropped 3.08 per cent and 3 per cent, respectively. Additionally, the auto, media, consumer durables, and certain healthcare indices all ended the day down by more than 2 per cent.
In the previous session on Monday, the BSE Sensex index declined 73 points before closing at 81,151, while the NSE Nifty50 settled at 24,781, down 73 points.
"Bearish sentiment continued to dominate the domestic market today amid heightened volatility, with small and midcap stocks taking the biggest hit. The recent sharp rise in US bond yields signals diminished expectations for aggressive rate cuts by the US Fed, also affecting fund flows to EMs. In the short term, this bearish outlook may persist due to sluggish earnings growth trends," said Vinod Nair, Head of Research, Geojit Financial Services.
Global update
In Asian markets, Seoul and Tokyo settled lower, while Shanghai and Hong Kong ended higher. European markets were trading lower. The US markets ended on a mixed note on Monday.
Global oil benchmark Brent crude climbed 0.61 per cent to $74.74 a barrel.
Rupee closes flat
The rupee settled flat at 84.07 (provisional) against the US dollar for the second straight session on Tuesday, tracking negative domestic equity markets and unabated outflow of foreign funds. The local unit was also weighed down by elevated crude oil prices as well as firm American currency amid rising US treasury yields, forex traders said.
At the interbank foreign exchange market, the domestic unit opened at 84.07 against the greenback and witnessed a restricted movement between 84.06 and 84.08 during the session. The unit finally settled at the previous day's closing level of 84.07 (provisional) against the dollar. On Monday, the rupee settled flat at 84.07 against the US dollar.
Trending News
Top Headlines
