Business

Indian Stock Indices Plunge Amidst Selling Pressure

India’s major stock indices took a sharp downturn on Tuesday, driven by significant sell-offs in key heavyweights including HDFC Bank, SBI, Tata Steel, and Bajaj Finance, causing them to plunge.

At the closing bell, the Sensex experienced a steep drop of 692 points, or 0.87%, ending at 78,956. The Nifty fared similarly, falling 208 points, or 0.85%, to close at 24,139.

This marked the worst session since 5 August.

The banking sector bore the brunt of the decline, with the Nifty Bank index sinking 746 points, or 1.48%, to 49,831.

HDFC Bank, the country’s largest private lender, saw its shares tumble by 3.46%, fueling the index’s drop.

Midcap and smallcap stocks also suffered losses, with the Nifty Midcap 100 index sliding 449 points, or 0.78%, to 56,881, and the Nifty Smallcap 100 index retreating 240 points, or 1.30%, to 18,203.

Market analysts point to a combination of factors behind the downturn.

Mixed global economic signals, lackluster growth in the manufacturing sector as per recent IIP data, and persistent foreign institutional investor (FII) sell-offs have contributed to the negative sentiment.

Elevated stock valuations are also exacerbating the situation.

Within the Sensex index, notable gainers included Titan, HCL Tech, Nestle, Wipro, Sun Pharma, M&M, and Reliance. Conversely, the major decliners were HDFC Bank, Tata Steel, Bajaj Finance, SBI, Tata Motors, and JSW Steel.

“While recent adverse developments have had limited impact, the market is now focusing on underlying earnings growth, which remains under pressure this quarter. A continued lack of resilience could lead to further downgrades in the near future,” commented a market expert.

On Monday, FIIs sold equities worth Rs 4,680 crore, while domestic institutional investors purchased equities worth Rs 4,477 crore, reflecting ongoing volatility in market sentiment.

Also Read: Emkay Global Recommends ‘Buy’ For Adani Green Energy

Mankrit Kaur

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