Business

Sensex Drops 422 Points, Nifty Falls Below 23,350 On Weak Global Sentiment

Indian equity indices closed in the red on Thursday as global sentiment weakened due to escalating tensions in the Russia-Ukraine conflict. Nuclear concerns further dampened investor confidence, contributing to a negative market trend.

At the close of trading, the Sensex dropped by 422 points, or 0.54%, to 77,155, and the Nifty fell 168 points, or 0.72%, to 23,349. The market saw 1,235 stocks close higher, while 2,735 stocks ended lower. Only 95 stocks remained unchanged.

Market Struggles Across Sectors

Both large caps and smaller shares experienced losses. The Nifty Midcap 100 index dropped 162 points, or 0.30%, to 54,385, while the Nifty Smallcap 100 index fell 80 points, or 0.46%, to 17,596.

Among sectoral indices, auto, PSU Bank, financial services, pharma, FMCG, metal, and energy stocks led the decline. However, IT and realty sectors posted gains.

Weak Sentiment and Rupee Weakness

The Sensex saw major gainers like Power Grid, UltraTech Cement, HCL Tech, and Kotak Mahindra Bank. On the losing side were stocks such as SBI, NTPC, ITC, Asian Paints, and Reliance Industries.

Market expert Rupak De from LKP Securities noted that sentiment remains weak in the short term, with support at 23,200. A drop below this could lead to a market correction, while resistance is placed at 23,550.

Meanwhile, the Indian rupee weakened to 84.51 against the dollar as global uncertainties intensified. Gold prices surged due to heightened geopolitical tensions, reflecting growing safe-haven demand.

Also Read: EPFO Sees Significant Growth In Memberships; Driven By Youth And Female Workforce

Ajaypal Choudhary

Recent Posts

PM Modi Unveils 21-Point Action Plan To Boost BIMSTEC Cooperation At Bangkok Summit

Prime Minister Narendra Modi on Friday unveiled a 21-point action plan at the BIMSTEC Summit…

1 hour ago

Buddhism In India’s Foreign Policy: PM Modi’s Vision For Global Harmony

PM Modi has been at the forefront of strengthening India’s ties with Buddhist nations, putting…

1 hour ago

6 Surprising Benefits Of Turmeric Milk For Your Health

Turmeric milk, often referred to as 'golden milk', has been a staple in traditional medicine.…

2 hours ago

PM Narendra Modi Meets Bangladesh’s Muhammad Yunus During BIMSTEC Summit In Bangkok

PM Narendra Modi met Bangladesh's Chief Adviser Muhammad Yunus in Bangkok, their first meeting since…

2 hours ago

India’s Leadership Brings Fresh Momentum To BIMSTEC Under PM Modi’s Vision

Prime Minister Narendra Modi’s leadership has revitalized BIMSTEC, positioning India as a key driver of…

3 hours ago

MI New York Announces Star-Studded Signings For Major League Cricket 2025

MI New York has unveiled an impressive roster of players for the 2025 edition of…

3 hours ago