Today, the Sensex faced a decline at the close of trading with 78,041, marking well over 1.4% plunge in the market movement. A reflection of how such severe selling permeated through different segment in the market, it showed how the sentiments were souring towards investor. Traders kept an eye on that marked downward movement with caution as it absorbed away the market due to heavy foreign and domestic factors impacts.
The Nifty 50 also tumbled, ending the day at INR 23,576 with a decline of more than 1.5%. Tech Mahindra was followed by Axis Bank, IndusInd Bank, and M&M, all down more than 3 percent. Trent, Adani Enterprises, BEL, and Tata also fell by more than 2 percent, contributing to the negative vibe.
The Bank Nifty settled at INR 50,759, slipping more than 1.5%. Leading losses were IDFC First Bank, which slumped over 4%, and Bank of Baroda, which fell more than 3%. IndusInd Bank and Federal Bank, which both declined over 3%, added to the index’s downward slide.
The Nifty Next 50 experienced the steepest plunge, nearing the close at INR 68,702, down over 2.7%. Leading the sell-off was Siemens, plunging by more than 9%, followed by a 5% decline in LTIM. Stocks like PFC, Bajaj Holdings, ABB, and Lodha also fell more than 5%, which made this index one of the day’s worst performers.
Ending with a decline of over 1.8% at 10,905 marks the BSE 200. Siemens, by far the biggest loser, plunged over 10%, with Torrent Power trailing at over 9 percent. Added to the likes of LTIM and Mazagon Dock, both down by 6%, ABB and PFC contributed to the more than 5 percent drop.
To sum up, the market crash of today was due to global monetary worries and heavy sell-offs in key sectors like banking and IT. The bearish sentiments and foreign funds outflow were expected to worsen.
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Also read: Reduction in Coal Imports and Increase in Domestic Coal Production
Published on: December 19, 2024 at 10.30 PM GMT.
Disclaimer: The information provided is for educational purposes only and does not constitute financial advice. We are not registered financial advisors. Please conduct your own research and consult a qualified advisor before making investment decisions. Any investment decisions you make based on this information are solely at your own risk.
Tomorrow 21st December is celebrated as World Meditation Day !
As stated in Bhagavad Gita :
कर्मणा ह्यपि संन्यासो न ह्युपदिश्यते।
One who does not perform their duties is not a true renunciant.
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