Stock Market Highlights: Nifty, Sensex Plunge 1% As Global Cues Weigh
The Indian stock markets ended the day on a negative note on Tuesday, with the NSE Nifty 50 and BSE Sensex plunging over 1% each. The decline was largely attributed to losses in global markets and the weakness in heavyweights like Reliance Industries Ltd (RIL) and ICICI Bank Ltd.
Global Cues Weigh on Indian Markets
The US decision to tax Indian imports by 50% also had a significant impact on the market sentiment. The White House has drafted papers for the same, which has raised concerns among investors. The losses in global markets, particularly in the US and Europe, also weighed on the Indian markets.
The NSE Nifty 50 ended 255.7 points or 1.02% lower at 24,712.05, while the BSE Sensex closed 849.37 points or 1.04% lower at 80,786.54. The Nifty fell over 200 points from the day’s high to end at its lowest level in the past seven sessions.
Sectoral Performance
In terms of sectoral performance, all but one of the 15 sectors on the NSE closed in the red, with the Nifty Defence, Realty, and PSU Bank declining the most. The BSE Midcap ended 1.34% lower, while the SmallCap also ended 1.68% lower. The Nifty Midcap 150 index declined over 1.5% for the day, weighed down by losses in Vodafone Idea.
Stock-Specific Action
Eicher Motors Ltd. and Hindustan Unilever Ltd. were among the top gainers in the Nifty, while Shriram Finance fell the most. In terms of points contribution, RIL, ICICI Bank, Larsen & Toubro Ltd, Bharti Airtel Ltd, and Bajaj Finance Ltd dragged the index the most.
Market Breadth
The market breadth was skewed in favour of the sellers as 1,219 stocks gained, 2,884 declined, and 137 remained unchanged on the BSE. This indicates a strong bearish sentiment in the market, with most stocks ending the day in the red.
Way Forward
Going forward, the Indian markets are expected to remain volatile, driven by global cues and domestic factors like earnings and economic data. Investors are advised to remain cautious and keep a close eye on the market developments.
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