1 week Ago By Arjit Saxena
The Sensex plummeted more than 450 points to settle at 81,006.61 on Thursday. Meanwhile, the Nifty fell more than 200 points, at 24,749.
85. The Nifty 50 pack's biggest losers included Bajaj Auto, Shriram Finance, Mahindra & Mahindra, Nestle India, and Hero Moto Corp. The Nifty Auto index fell 3.
5% as two-wheeler manufacturers Bajaj's larger rivals, Hero MotoCorp and TVS Motor, slumped 3.4% apiece. Other significant indices, such as Nifty Bank, Financial Services, FMCG, Media, Metal, Private Bank, Realty, Healthcare, Consumer Durables, and Oil & Gas, closed down 1% to 3.
8%. In a rare contrast, the IT index was the only sector to post gains, ending the day at 1.2% higher amid the broader market decline.
The market capitalisation of all listed companies on the BSE also took a hit, declining by over Rs 7 lakh crore to 45,748,593.92 crore (Rs 4.57 lakh crore), compared to Rs 46,455,987.
05 crore (Rs 6.64 lakh crore) on October 16. Market Meltdown: Experts Share Insights On Decline "The domestic market experienced significant losses driven by widespread selloffs across various sectors, notably auto, realty, consumer durables and finance.
This downturn was attributed to weaker sales forecasts for the festive season, high NPAs and slow credit growth," said Vinod Nair, Head of Research, Geojit Financial Services. "Weak Q2 result is affecting the market sentiment. Conversely, the IT sector outperformed as a contrary bet and in-line Q2 results," Nair added.
Rupak De, Senior Technical Analyst at LKP Securities, said, "The Nifty has found initial support in the 24,700–24,750 zone. On the daily chart, the Nifty has broken down from a bearish flag pattern, suggesting a possible downward move in the short term. The RSI is showing a bearish crossover and is declining.
Conversely, a decisive fall below 24,700 could lead to a significant correction in the market." Jateen Trivedi, VP Research Analyst - Commodity and Currency, LKP Securities, said, "The rupee weakened by 0.05rs, closing at 84.
06, as the dollar index remained flat around 103.35$. FII selling was the primary driver of the rupee's decline, with outflows amounting to 3436 crores yesterday and expectations of further selling today.
This sustained outflow pressure continues to drag the rupee lower." (With Inputs From Agencies) Get Latest News Live on Times Now along with Breaking News and Top Headlines from Markets, Business Economy and around the world..
