The Indian stock market closed sharply lower today, with all major indices witnessing a steep decline. Investors reacted negatively after a three-day holiday, leading to a broad-based selloff across various sectors.
Nifty 50 Declines 1.5%: The Nifty 50 index closed at INR 23,165, down 1.5% for the day. The decline was largely driven by a sharp fall in HCL Tech, which dropped by more than 3%. Other heavyweight stocks, including BEL, Bajaj Finserv, and HDFC Bank, also slid over 3%, adding to the pressure. Hindalco, Shriram Finance, and Infosys fell by more than 2%, while Bajaj Finance, Titan, and ICICI Bank contributed to the bearish sentiment.
Nifty Bank Sheds 1.4%: The Nifty Bank index closed at INR 50,827, down 1.4%. The losses were led by major banking stocks, including SBI, Federal Bank, AU Bank, Kotak Bank, Axis Bank, ICICI Bank, and HDFC Bank. The overall weakness in the banking sector dragged the index lower.
Nifty Next 50 Falls 1%: The Nifty Next 50 index ended at INR 62,372, down 1%. The major contributors to the decline were Naukri (Info Edge), which dropped over 5%, and Bajaj Holdings, which slid more than 4%. CG Power also fell over 4%, while Divi’s Lab, Cholamandalam Finance, and Lodha declined more than 3%. Other stocks, including ABB, REC Ltd, and Adani Green, also weighed on the index.
BSE 200 Down Over 1.3%: The broader market also faced heavy selling pressure, with the BSE 200 index slipping over 1.3%. The biggest drag came from UCO Bank, which plunged more than 12%, followed by Voltas and Ipca Labs, both falling over 7%. Persistent Systems, Naukri, and Policybazaar also contributed to the downturn.
The overall market sentiment was bearish as investors returned after a three-day break. The sudden market reaction to global cues, profit booking, and weak sectoral performance contributed to the downtrend. With selling pressure across all sectors, investors remained cautious ahead of key domestic and global economic data releases.
Stay tuned for further updates on market movements and financial insights.
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.
Karnataka Increases Diesel Sales Tax
The Karnataka state government has raised the sales tax on diesel to 21.17%, resulting in a price increase of ₹2 per liter effective today. This adjustment aims to boost state revenue but may impact transportation costs and inflation.
As stated in Bhagavad Gita:
ब्रह्मण्याधाय कर्माणि सङ्गं त्यक्त्वा करोति यः।
One who performs their duty without attachment, surrendering the results unto the Supreme Lord, is unaffected by sinful action.
