Stock Market Crash: Sensex and Nifty Plummet Amid Bear Attack
Sep 30, 2024 | 11:35 AM IST
The Indian stock market faced a substantial decline on Monday. The BSE Sensex sank 960 points, or over 1%, to 84,607 intraday, while the Nifty fell 283.5 points to 25,895. This retreat follows consecutive fresh highs set by both benchmarks in recent weeks. On Friday, the Sensex touched 85,978.25 and the Nifty peaked at 26,277.35.
Key players dragging the Sensex down included Reliance Industries, ICICI Bank, HDFC Bank, Axis Bank, and Bharti Airtel, each falling around 2%. Notably, Reliance Industries plunged 2.11% to Rs 2,988 per share.
Sector-wise, all but three sectors were in the red, with Nifty Realty slipping the lowest at 1.90%. Realty stocks like Phoenix Ltd, Prestige, and Godrej Properties fell 1-5%. Nifty PSU Bank, Private Bank, Financial Services, and Oil and Gas sectors also dipped over 1% each. Conversely, metal and consumer durable stocks remained resilient; Nifty Metal rose 1.66%, while Nifty Consumer Durables and Nifty FMCG inched up by 0.10% and 0.02%, respectively.
Broader markets were weak too. The BSE SmallCap index fell 0.75% after hitting an all-time high of 56,662.46, and the BSE MidCap index declined 0.81% to 49,086.78.
Analysts attribute this to a consolidation phase, with foreign investors favoring Chinese stocks, driven by the Hang Seng index’s 18% surge in September and renewed hopes for China’s economic revival.
Dr. V K Vijayakumar of Geojit Financial Services expects FIIs to continue reallocating funds but believes domestic investments will absorb these sales. He advises buying quality large-cap stocks on dips, pending pullbacks to key support levels: 25,920, 25,700, and 25,350.
Global Market Movements
In broader Asia, Japan’s Nikkei fell 4.86%, and South Korea’s Kospi dropped 1.31%. Contrastingly, mainland China’s CSI 300 rose 6.22%, and the Hang Seng index increased 3.34%. These surges were driven by better-than-expected economic indicators and gains in the property sector.
First Published: Sep 30, 2024 | 11:19 AM IST
Original Story https://www.business-standard.com/markets/news/market-crash-why-sensex-fell-850-pts-nifty-slipped-below-25-950-intraday-124093000289_1.html
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