Stock Market Today: Sensex Plummet 400 Points, Nifty Around 23,200

Asian equities also dropped in early trading, influenced by uncertainty in the US market. Investors are awaiting key Chinese economic data, including fourth-quarter growth figures

Foreign portfolio investors (FPIs) recorded net sales of Rs 4,341 crore on Friday, while domestic institutional investors (DIIs) bought shares worth Rs 2,928 crore

Source : PTI

Stock Market Today: Indian equity benchmarks, BSE Sensex and Nifty50, saw a sharp decline in opening trade on Friday. BSE Sensex fell over 450 points, while Nifty50 dropped below 23,200. 

At 10 am, the Sensex dropped by 363.75 points, or 0.47 per cent, closing at 76,679.07, while the Nifty fell by 88.75 points, or 0.38 per cent, to 23,223.05. Of the total shares, 1,822 advanced, 1,244 declined, and 118 remained unchanged.

V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services, said, “There are two positives for the market today: One, the declining trend in the dollar index and the US bond yields continue. Second, the Q3 results from the big boys RIL and Infosys are better-than-expected. These two stocks have the potential to lead a minor recovery in the market. Even though declining dollar index and US bond yields are positive, the declines are not adequate to arrest the sustained selling by FIIs. Therefore, any significant recovery in the market will be sold into.

He added, “The correction in the market has made largecap valuations reasonable. Nifty is now trading at around 19 times estimated FY 26 earnings. Therefore, long-term investors, who can ignore the volatility caused by FII selling, can use the dips to buy high quality largecaps. The bounce back of this segment is only a question of time.”

Market indices kept their positive momentum on Thursday, driven by soft US inflation data, which raised expectations for potential Federal Reserve rate cuts.

US stocks slipped on Thursday, following a rally the previous day, as investors reviewed corporate earnings reports and economic indicators to gauge the likelihood of Federal Reserve interest rate cuts.

Asian equities also dropped in early trading, influenced by uncertainty in the US market. Investors are awaiting key Chinese economic data, including fourth-quarter growth figures, set for release on Friday.

Gold prices rose on Friday, heading toward a third consecutive weekly gain, as US economic data suggested the possibility of Federal Reserve interest rate cuts this year.

Foreign portfolio investors (FPIs) recorded net sales of Rs 4,341 crore on Friday, while domestic institutional investors (DIIs) bought shares worth Rs 2,928 crore.

The net short position of FIIs increased from Rs 2.94 lakh crore on Wednesday to Rs 2.97 lakh crore on Thursday.