Mumbai, Nov 28: The Indian stock market experienced a notable downturn on Thursday, with the Sensex and Nifty each falling over 1%. The Sensex closed at 79,043.74, shedding 1,190.34 points or 1.48%, while the Nifty declined by 360.75 points or 1.49% to end at 23,914.15. This downturn was primarily driven by a significant sell-off in IT stocks. The Nifty IT index faced considerable pressure, dropping over 2% to close at 42,968.75, mirroring declines in global markets.
The market’s decline was attributed to increasing concerns over policy uncertainty under US President-elect Donald Trump and doubts surrounding future interest rate cuts in the US. Despite this, midcap and smallcap stocks managed to outperform, with the Nifty Midcap 100 index inching up by 0.05% to 56,300.75 and the Nifty Smallcap 100 rising to 18,511.55 by the same margin. On the Bombay Stock Exchange (BSE), 2,208 stocks advanced while 1,731 declined, and 106 remained unchanged.
Market experts pointed to intensified selling in the US market due to growing uncertainty around rate cuts and geopolitical tensions, leading to corrections in heavyweight IT and consumer discretionary sectors. Conversely, the broader market performed better than large-cap indices as Foreign Institutional Investors (FIIs) and other investors sought undervalued opportunities. Sector-wise, losses were observed across IT, auto, financial services, pharma, FMCG, metal, energy, private banks, infrastructure, and commodities. However, PSU Banks, media, and realty sectors gained ground.
In the Sensex pack, all stocks except SBI closed in the red, with M&M and Infosys as the top laggards. Institutional activity was mixed, with FIIs making net equity purchases of Rs 7.78 crore, while Domestic Institutional Investors (DIIs) bought Rs 1,301.97 crore.
Original Story https://theshillongtimes.com/2024/11/28/sensex-slumps-1190-pts-nifty-closes-below-24000/
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Publish Date: 2024-11-28 16:50:00
