Shocking Stock Market Crash: Why Sensex Plunged 1,000 Points and Nifty Tumbled Below 24,400 Today
Stock Market Crash: Sensex Plunges Over 1,000 Points Amid Global Uncertainties
On December 17, the Indian stock market experienced a sharp downturn as both the BSE Sensex and NSE Nifty fell, with Sensex dropping over 1,000 points, or 1.2%, and Nifty slipping below the 24,400 mark. Investor sentiment turned cautious ahead of the US Federal Reserve’s impending interest rate decision, contributing to heightened market volatility.
Several key factors drove this market crash. Firstly, investors are anxiously anticipating the Fed’s interest rate decision, with attention focused on Fed Chair Jerome Powell’s comments that could influence future rate policies. Additionally, the Indian rupee hit a record low of 84.92 against the US dollar, exacerbating market concerns due to foreign fund outflows.
The lack of fresh buying by Foreign Institutional Investors (FIIs) further dampened sentiment, with FIIs selling equities worth Rs 279 crore. Heavy selling in blue-chip stocks such as Reliance Industries and HDFC Bank added pressure, dragging down the broader market.
Global market dynamics also played a role, with pressures from international indices like Seoul, Shanghai, and Hong Kong, although Tokyo remained in positive territory.
Cautious sentiment is expected to persist in the near term, with markets likely to remain volatile due to ongoing global uncertainties and domestic issues like a struggling rupee and FII outflows. Investors are advised to stay vigilant as the market navigates these turbulent times.
Original Source: https://www.news18.com/business/markets/stock-market-crash-why-sensex-fell-over-1000-points-nifty-below-24400-today-9158948.html
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Publish Date: 2024-12-17 22:59:00
