Sensex tanks 942 points; Nifty plunges below 24K on heavy selling in Reliance, banking shares

Sensex plunges to three-month low as Nifty closes below 24,000 on heavy selling; global factors weigh on market.

Benchmark Sensex tanked nearly 942 points to settle at a three-month low while Nifty tumbled more than 1% to close below 24,000 on Monday (November 4, 2024) dragged down by heavy selling in Reliance Industries and banking shares.

The 30-share BSE Sensex tumbled 941.88 points or 1.18% to settle at 78,782.24, the lowest closing level since August 6. During the day, it slumped 1,491.52 points or 1.87 per cent to 78,232.60. The NSE Nifty tanked 309 points or 1.27% to 23,995.35.

Uncertainty ahead of the U.S. Presidential elections on November 5 and expectations of a fresh stimulus package by China to prop up growth triggered selling in Indian stocks, analysts said. Relentless selling by foreign investors also dampened the sentiments in the equity market.

Watch: How are elections conducted in the U.S?

From the 30-share Sensex pack, Adani Ports, Reliance Industries, Sun Pharma, Bajaj Finserv, NTPC, Tata Motors, Axis Bank and Titan were among the major laggards. Mahindra & Mahindra, Tech Mahindra, State Bank of India, HCL Technologies, Infosys and IndusInd Bank were the gainers.

Foreign institutional investors (FIIs) offloaded equities worth ₹211.93 crore on Friday (November 1, 2024,) according to exchange data.

Foreign investors pulled out a massive ₹94,000 crore (around $11.2 billion) from the Indian stock market in October, making it the worst-ever month in terms of outflows, triggered by the elevated valuation of domestic equities and attractive valuations of Chinese stocks.