Sensex Declines by 1,190 Points; Nifty Falls Below 24,000 Mark
Click to start listening
Mumbai, Nov 28 (NationPress) The Indian stock market concluded in the negative territory on Thursday as both Sensex and Nifty experienced declines exceeding 1 percent.
By the end of trading, Sensex had fallen by 1,190.34 points, or 1.48 percent, settling at 79,043.74. Meanwhile, Nifty decreased by 360.75 points, or 1.49 percent, to close at 23,914.15.
This drop was primarily driven by a sell-off in IT stocks. The Nifty IT index faced significant selling pressure, plunging over 2 percent to close at 42,968.75.
The downturn in the Indian stock market mirrored the negative trends observed in global markets. The decline was attributed to heightened concerns regarding the policies of US President-elect Donald Trump and uncertainty surrounding potential interest rate cuts in the United States.
Notably, midcap and smallcap stocks outperformed their large-cap counterparts. The Nifty Midcap 100 index rose by 28.40 points, or 0.05 percent, reaching 56,300.75. Similarly, the Nifty Smallcap 100 index increased by 8.70 points, or 0.05 percent, to 18,511.55.
On the Bombay Stock Exchange (BSE), 2,208 shares ended in positive territory while 1,731 shares closed in negative territory. There was no change for 106 shares.
Market analysts indicated, 'The overnight sell-off in the US market, fueled by renewed uncertainty regarding the rate cut trajectory and escalating geopolitical tensions, prompted a correction in heavyweight IT and consumer discretionary stocks.'
'In contrast, the broader market showed resilience against the frontline index due to a shift in the stance of Foreign Institutional Investors (FIIs) and investors looking for opportunities in undervalued stocks,' they added.
Looking at sectoral performance, IT, auto, financial services, pharma, FMCG, metal, energy, private banks, infrastructure, and commodities were significant losers. Conversely, PSU Banks, media, and real estate emerged as the major gainers.
Within the Sensex pack, all stocks closed in the negative except for State Bank of India (SBI). Both M&M and Infosys were among the top laggards.
Institutional trading activity on Wednesday was mixed. Foreign Institutional Investors (FIIs) were net buyers of equities worth Rs 7.78 crore, while Domestic Institutional Investors (DIIs) recorded net purchases amounting to Rs 1,301.97 crore.
