Business

Sensex Crashes 1,272 Points As Profit Booking Drags Market Down

Indian equity indices closed deep in the red on Monday due to profit booking at higher levels. Sensex dropped 1,272 points, or 1.49%, to 84,299, while Nifty fell 368 points, or 1.41%, to 25,810. The decline was driven by a sharp fall in banking stocks, with Nifty Bank closing at 52,978, down 856 points or 1.59%.

Market Cap Erodes by Rs 4 Lakh Crore

The market cap of all BSE-listed companies declined by Rs 4 lakh crore, now standing at Rs 474 lakh crore. In the Sensex pack, JSW Steel, NTPC, Tata Steel, Titan, and Asian Paints were the top gainers. Major losers included Reliance, Axis Bank, ICICI Bank, and Infosys. Sectorally, auto, IT, and pharma stocks led the decline, while metal and media indices remained in the green.

Technical Analysts Expect Further Weakness

Rupak De, Senior Technical Analyst at LKP Securities, said the Nifty slipped sharply after a brief pause, breaking its consolidation pattern. De noted potential weakness ahead, with support at 25,750 and resistance at 26,000. FIIs turned net sellers, offloading Rs 1,209 crore worth of equities, while domestic investors bought Rs 6,886 crore on September 27.

Also Read: Fidelity Slashes Valuation Of Elon Musk’s X By Nearly 79%

Ajaypal Choudhary

Recent Posts

Renowned Folk Singer Sharda Sinha Passes Away At 72; PM Modi Expresses Condolences

PM Modi expressed sorrow over Sinha’s death. "The passing of Sharda Sinha ji is deeply…

4 hours ago

US Election: India Confident Of Strong US Relations And Quad Continuity, Says Jaishankar

Jaishankar noted that the US-India relationship has flourished under both Democratic and Republican leadership, including…

4 hours ago

Sanskriti Diwas Marks 98th Birth Anniversary Of Kashiraj Dr Vibhuti Narayan Singh

Program coordinator Chakravarti Vijay Navad announced that 11 prominent individuals received the Kashiraj Dr. Vibhuti…

5 hours ago

Mallikarjun Kharge Slams ‘Batenge Toh Katenge’ Slogan During Jharkhand Campaign

Kharge emphasized that the BJP leaders promote divisive rhetoric as part of their agenda. He…

6 hours ago

Police Arrest Two In Fake Marriage Certificate Racket In Name Of Arya Samaj

DCP Nagar Abhishek Bharti revealed that five couples, including Shivani and Shrikant Yadav, recently filed…

7 hours ago

India And Nigeria Strengthen Counter-Terrorism Cooperation In Second Strategic Dialogue

Doval and Ribadu held detailed talks on challenges linked to terrorism and radicalization, including those…

7 hours ago