Today, October 7, 2024, the Indian stock market experienced significant volatility, with the BSE Sensex dropping 638 points, closing at 81,050. Similarly, the NSE Nifty50 lost 218 points, finishing at 24,795. This sharp decline was driven by a combination of factors, including geopolitical tensions, rising oil prices, and foreign institutional investor (FII) outflows.
The broader market faced even steeper losses, with the BSE MidCap and SmallCap indices falling by 1.85% and 3.27%, respectively. Sectors such as Nifty Media and Nifty PSU Bank were among the hardest hit, each falling over 3%, while Nifty IT remained the sole sector in the green. Heavy losses were seen in stocks like Adani Ports, NTPC, and SBI, while Bharti Airtel and M&M emerged as the top gainers on the NSE.
Global factors also played a role in the market's weakness, with investors favoring Chinese markets due to attractive valuations and stimulus measures. Additionally, concerns over premium valuations in the Indian market and the risk of underperformance compared to other Asian markets added to the bearish sentiment
It was a day dominated by selling pressure, and the market outlook remains cautious as long as Nifty stays below the 25,000 mark.
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