Stock Market Today: Nifty Closes Below 23,560, Sensex Down 984 Points
On the 30-share Sensex platform, NTPC, Tata Motors and Infosys dominated in green. On the other side, Tata Steel, M&M, Adani Ports, SBI and JSW Steel emerged among the losers for the day
The NSE Nifty 50 index entered correction territory on Wednesday, falling more than 10 per cent from its all-time high of 26,277.35 reached in September. The decline was driven by a strengthening US dollar following the re-election of President Donald Trump, as well as concerns over valuations in the domestic market, which prompted foreign investors to pull back.
The Nifty 50 dropped 374 points, hitting an intraday low of 23,509.6, a decline of 1.6 per cent from the previous close. It ultimately ended the session at 23,559.05, down 1.4 per cent. Meanwhile, the BSE Sensex plummeted over 1,100 points to a low of 77,533.3 before recovering slightly to close at 77,690.95.
On the 30-share Sensex platform, NTPC, Tata Motors and Infosys dominated in green. On the other side, Tata Steel, M&M, Adani Ports, SBI and JSW Steel emerged among the losers for the day.
The Bank Nifty index plunged over 1,250 points, or 2.5 per cent, falling below the 50,000 mark. Among the banking heavyweights, HDFC Bank dropped 2.26 per cent to Rs 1,679.3, ICICI Bank declined 1.26 per cent to Rs 1,254.55, and SBI fell 2.23 per cent to Rs 808.25.
Today's decline marked the fifth consecutive session of losses for the indices, driven by continued selling pressure from foreign institutional investors (FIIs). The correction reflects mounting investor caution amid high valuations and ongoing macroeconomic uncertainties, with both the Nifty and Sensex falling to their respective five-month lows.
Vinod Nair, Head of Research, Geojit Financial Services, said, “Relentless selling by FIIs amid weak corporate earnings and a sharp surge in domestic inflation to a 14-month high have further impacted investor sentiment, dashing hopes for a near-term rate cut by the RBI.”
Experts attribute the latest downturn to a combination of persistent foreign investor outflows, disappointing corporate earnings, and rising inflation. Since late September, foreign institutional investors have pulled out around $14 billion from Indian equities, according to Reuters.
Amid domestic challenges, emerging-market assets worldwide have come under pressure due to a strengthening US dollar, driven by expectations that President-elect Donald Trump’s administration will have strong support to push through its economic agenda.
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