Stock Market Today: Nifty, Sensex Extend Losing Streak To 5th Day Amid Global Weakness
Stock Market Today: At 10 am, the Sensex declined by 457.59 points, or 0.57 per cent to 79,691.29, while the Nifty dropped by 130.50 points, or 0.53 per cent, to 24,283
The two key benchmark indices started the trading session on Thursday in a red zone for the fifth consecutive day amid subdued global signals, with the Nifty opening at 24,250. The Sensex registered a decline of 596.44 points or 0.74 per cent, reaching 79,552.44, while the Nifty dropped 177.30 points or 0.73 per cent to 24,236.20. Market dynamics showed 912 shares advancing, 1608 shares declining, and 112 shares remaining unchanged.
At 10 am, the Sensex declined by 457.59 points, or 0.57 per cent at 79,691.29, while the Nifty dropped by 130.50 points, or 0.53 per cent, to 24,283. During the session, 1458 stocks advanced, 1657 declined, and 84 remained unchanged.
In the previous trading session, the Sensex and Nifty continued their downward trend on Wednesday, driven by selling pressure in financial and banking stocks following the Union Budget. The 30-share BSE Sensex concluded the day down by 280 points, settling at 80,149 after hitting an intraday low of 79,750.51, marking a decline of 679 points. Similarly, the NSE Nifty50 also retreated, dropping 66 points to close at 24,414.
"Global cues have turned distinctly negative with a sharp 3.64 per cent cut in Nasdaq, which is the worst cut in 2024. The tech stocks which have been driving the rally in the US are facing the brunt of selling due to worse-than-expected results and news. In India, too, the sentiments have turned a bit negative on the Budget proposals to raise the capital gains tax," said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
Stock Update
On the 30-share Sensex platform, Tata Motors, L&T, HCL Tech, HDFC Bank and Kotak Bank emerged as gainers. On the other side, Axis Bank, ICICI Bank, Titan Tata Steel and Indusland Bank were among the losers.
Rupee Movement
The Indian rupee began the day on a subdued note, reaching an unprecedented low of 83.72 against the US dollar on Thursday. This depreciation was attributed to the US dollar's strength in global markets and substantial outflows of foreign funds. Forex experts noted that the rupee's decline followed a sharp downturn in the Indian equity markets, triggered by the government's announcement of increased capital gains tax rates.
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