Indian Stock Market Plummets Over 1.4% Amid Global Market Turmoil
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Mumbai, Dec 20 (NationPress) The Indian stock market declined by more than 1,000 points on Friday amidst a global selloff, following signals from the US Federal Reserve regarding a slower pace of interest rate cuts in the near future.
Significant selling pressure was observed in the real estate and PSU bank sectors of Nifty.
At the close of trading, the Sensex stood at 78,041.59, down by 1,176.46 points, or 1.49 percent, while the Nifty finished at 23,587.50, down by 364.20 points, or 1.52 percent.
Krishna Appala from Capitalmind Research noted that the markets are becoming increasingly stock-specific as the broader indices take a breather.
"Multiple significant events are shaping the current market sentiment, including the upcoming transition in the US Presidential office with Donald Trump set to take over in January, alongside the Indian Union Budget announcement approaching," Appala remarked.
Nifty Bank concluded at 50,759.20, down by 816.50 points, or 1.58 percent. The Nifty Midcap 100 index wrapped up trading at 56,906.75, having fallen 1,649.50 points, or 2.82 percent.
Sector-wise, there was a decline in Nifty's Auto, IT, Financial Services, Pharmaceuticals, FMCG, Metals, Media, Energy, Private Banks, Infrastructure, Commodities, and PSE sectors.
On the Bombay Stock Exchange (BSE), 1,057 shares finished in the green while 2,935 shares closed in the red, with no change in 93 shares.
In the Sensex group, the biggest losers included Tech Mahindra, IndusInd Bank, Axis Bank, M&M, Tata Motors, L&T, SBI, TCS, UltraTech Cement, Power Grid, Reliance, and Tata Steel, while Nestle India and Titan emerged as the top gainers.
Experts suggest that the disappointment over the slower-than-expected rate cuts by the US Fed has negatively influenced global market sentiment, which is particularly affecting the domestic market.
Meanwhile, the rupee showed resilience, trading at 85.02 for the day, gaining 0.12 as it recovered from oversold conditions near 85.10.
