Mumbai, Oct 22, 2024
The Indian stock market saw a steep decline on Tuesday amid weak global cues as heavy selling was seen in PSU banks, metal and realty sectors.
Due to the fall, the market cap of all the companies listed on the Bombay Stock Exchange (BSE) dropped by about Rs 9 lakh crore to Rs 445 lakh crore.
The Sensex closed at 81,151.27 at the end of trading after a huge fall of 930.55 points or 1.15 per cent. At the same time, the Nifty closed at 24,472.10 after falling 309.00 points or 1.25 per cent.
The Nifty Midcap 100 index closed in the red at 56,174.05 after slipping 1503.65 points or 2.61 per cent at the end of trading. The Nifty Smallcap 100 index closed at 18,061.00 after falling 736.40 points or 3.92 per cent.
Nifty Bank closed at 51,257.15 after falling 705.55 points or 1.36 per cent. Selling was seen in Nifty’s Auto, IT, PSU Bank, Fin Services, Pharma, FMCG, Metal, Realty, Media, Energy, Private Bank, Infra and Commodity sectors.
The market trend remained negative. On the BSE, 576 stocks were trading in the green, 3,407 stocks in the red. Nearly 75 stocks closed without any change.
Barring ICICI Bank and Bharti Airtel, all the major stocks in the Sensex pack ended in red.
BHEL, Coal India, M&M, Tata Motors, Tata Steel, SBI and Hindalco were the top losers in the Nifty pack. On the other hand, Infosys, ICICI Bank and Bharti Airtel were the top gainers.
According to market experts, bearish sentiment continued to dominate the domestic market amid heightened volatility, with small and midcap stocks taking the biggest hit.
“The RBI’s latest bulletin upholds India’s GDP growth forecast of 7.2 per cent for FY25, suggesting that the Q2 slowdown is temporary, with festive season consumption expected to rebound and ease the pressure on earnings downgrades,” said experts.(Agency)
