India’s Sensex plunges over 1,000 points amid profit-booking, Nifty drops 200
The Sensex experienced a significant downturn on Friday, shedding over 1,000 points in the afternoon trading session, prompted by profit-booking activities and sharp declines in major blue-chip stocks such as Reliance Industries.
The fall erased earlier gains from the morning session, signaling a volatile day for the Indian markets.
Sharp declines in key indices
The Bombay Stock Exchange’s Sensex was recorded at 73,506 points at 1:40 PM, marking a drastic reduction from its earlier positions.
Concurrently, the Nifty also suffered a drop, falling 275 points or 1.22% to 22,366, a stark contrast to its earlier peak at a lifetime high of 22,793.90 points.
Impact on major companies
Leading the downward trajectory were notable companies including Bharti Airtel, Reliance Industries, Larsen & Toubro, Nestle, Maruti, and Tata Motors.
Specifically, Reliance Industries saw its shares fall by 2.95%, and Bharti Airtel’s stocks dipped by 3.22%. These significant declines among top firms contributed heavily to the overall slump in the market.
Select stocks buck the trend
Amidst the widespread losses, Bajaj Finance and Bajaj Finserv emerged as exceptions, managing to stay in positive territory.
According to the latest data, Bajaj Finance saw an increase of 1.6%, while Bajaj Finserv was up by 0.5%.
Previous session’s gains wiped out
The dramatic drop is particularly notable considering the Sensex had closed 128 points higher at 74,611.11 just the day before, while the Nifty had also risen by over 43 points to 22,648.20.
The sharp reversal from the previous day’s gains highlights the current volatility and investor caution in the market.
Global market context
The downturn in Indian markets came amidst mixed signals from global markets.
While Hong Kong’s market was trading in the green, indicating positive movements, other major Asian markets like Seoul and Shanghai reported declines.
This contrasted with Wall Street, which had ended the previous day on a positive note with gains across the board.
Today’s market movements underscore the unpredictable nature of stock trading, influenced by a combination of domestic factors and global economic signals.
Investors and analysts will be closely watching the subsequent market responses to gauge the potential for recovery or further declines.
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