The Indian market witnessed severe declines today, with a significant fall in the Sensex as it plunged by over 1.3% to end at INR 80,684. Investor sentiment was weighed down amidst broad-based selling pressure across all major indices.
The Nifty 50 also triggered a steep fall, closing the session at INR 24,313, marking a decline of above 1.3%. Shriram Finance with a more than 5% down-drag spearheaded the downward move, with Grasim and Hero MotoCorp thereafter, both falling over 3%. Bharti Airtel also lost more than 2%, while other key laggards included JSW Steel, IndusInd Bank, Hindalco, and Eicher Motors.
The Nifty Bank index closed at INR 52,834, falling by more than 1.3%. There were no gainers in the banking sector, and thenAU Small Finance Bank did the most damage with a loss of more than 2%. IndusInd Bank, Punjab National Bank, and Canara Bank also fell sharply by over 2%, amplifying the bearish sentiment in the banking sector.
The Nifty Next 50 ended at INR 72,188, continuing the downward market trend. Pidilite Industries and TVS Motors led the losses with both shares falling by more than 3%. Others in the broad-based selling pressure today included Chola Finance, Union Bank, Jindal Steel, and Havells.
Weakness also reflected in BSE 200 index, which closed at INR 11,288. Top losers Shriram Finance fell by a steep more than 5% and Oil India declined more than 3% in value. Some bearishness also came from Pidilite Industries, Cummins India, and Bandhan Bank. However, in this large-scale sell-off, one of the very rare bright spots was Mazagon Dock Shipbuilders (Mazdock), which increased by more than 5%.
In general, there was a downward trend at Indian stock markets, across which significant selling pressure was evident today. Most of the indices posted heavy losses, but the one exception was Mazdock, which rose more than 5% on an otherwise downtrodden market.
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Published on: December 16, 2024 at 8.30 PM GMT.
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As stated in Bhagavad Gita :
श्रद्धया परया तुष्टः सदा युक्तोऽपि सन्न्यस्तः।
One who is full of faith and is devoted to the Supreme is always satisfied.