Sensex, Nifty tumble nearly 1.5% as bank stocks slump on weak Japanese markets
The Hindu
Equity indices plummet 1.5% due to geopolitical risks, profit-taking, and foreign fund outflows, impacting major stocks globally.
Equity benchmark indices tumbled nearly 1.5 per cent on Monday (September 30, 2024) due to heavy selling in frontline stocks Reliance Industries, ICICI Bank and HDFC Bank amid rising geopolitical risks in the Middle East and weakness in Japanese markets.
Besides, profit-taking after a record-breaking rally and foreign fund outflows added to the gloom, analysts said.
The BSE Sensex tumbled 1,272.07 points or 1.49% to settle at 84,299.78. During the day, it plunged 1,314.71 points or 1.53% to 84,257.14.
The NSE Nifty tanked 368.10 points or 1.41%t to 25,810.85.
From the 30 Sensex firms, Reliance Industries and Axis Bank declined over 3 per cent each. ICICI Bank, Nestle, Tech Mahindra, Mahindra & Mahindra, Maruti, Bajaj Finserv, State Bank of India and Tata Motors were the other major laggards.
In contrast, JSW Steel, NTPC, Tata Steel, Titan and Asian Paints were the gainers.
"Global markets turned topsy-turvy under the threat of rising geopolitical risk in the Middle-East and plausible increase in Yen interest rate which can reduce cross country investments in equity. On the contrary, the Chinese market had a resurgence due to a large stimulus package and cheap valuation. India also weakened under the global pressure and premium valuation while metals are expected to outperform in the near-term," said Vinod Nair, Head of Research, Geojit Financial Services.
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