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Stock market plunge: Sensex dips over 1,000 points, Nifty falls by 345 points

As worries surrounding the general elections persisted, both the Sensex and the Nifty 50 witnessed a significant drop of over 1 per cent during Thursday's trading session. The volatility intensified on the weekly Nifty options expiry day, adding to the market turmoil.

Edited By: Nitin Kumar @Niitz1 New Delhi Updated on: May 09, 2024 16:03 IST
BSE
Image Source : FILE Business stock exchange building.

The Sensex and the Nifty 50, India's domestic equity benchmark indices, sustained their morning losses, slipping by over 1 percent during Thursday's trading session. Persistent worries surrounding the general elections fueled the market downturn, amplifying concerns among investors. As the weekly Nifty options expiry loomed, scheduled for the day, the headline indices experienced heightened volatility, exacerbating the market turmoil. Uncertainty prevailed, impacting trading sentiment and market dynamics.

Sharp decline in benchmark indices

The 30-share BSE Sensex concluded the session sharply lower, shedding 1,062.22 points or 1.45% to settle at 72,404.17 points. Similarly, the Nifty 50 closed at 21,957.50 points, down by 345 points or 1.55%. Notably, the broader market indices underperformed the benchmarks.

Broader market underperformance

Reflecting the overall market sentiment, the Nifty Small Cap 100 index ended 2.83% lower, while the Nifty Midcap 100 closed 1.85% lower, trailing behind the benchmark indices.

Gloomy market outlook

Market analysts foresee a continued loss of momentum for major Indian indices, with both the Nifty 50 and Sensex hitting their lowest points in the past three weeks. The prevailing uncertainty, particularly surrounding the general elections, remains a key driver of the market's downturn.

Impact of Corporate Earnings 

Depressed investor morale was further compounded by subdued signals from large-cap companies' Q4 results, adding to the negative sentiment pervading the market.

Heightened Volatility Index

The India VIX, a measure of market volatility, surged to a 52-week high of 19, reflecting heightened fear and uncertainty among market participants. The level of uncertainty, compounded by election concerns and corporate earnings, continues to weigh on investor sentiment and market stability.

 

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