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Stock market plunges: Sensex drops 929 points, Nifty falls 216 points

The market decline comes amidst lingering uncertainties surrounding global economic conditions, geopolitical tensions, and fluctuations in crude oil prices, contributing to investor nervousness.

Edited By: Nitin Kumar @Niitz1 New Delhi Updated on: April 15, 2024 10:22 IST
Sensex
Image Source : FILE Business stock exchange building.

In a stark reflection of global uncertainties and foreign fund outflows, equity benchmark indices witnessed a sharp decline in early trade on Monday. The Sensex tumbled by 929.74 points, marking a continuation of the previous day’s downturn, while the Nifty declined by 216.9 points.

Market analysis

Concerns surrounding the ongoing conflict in the Middle East, coupled with weak trends in global markets, contributed to the steep decline in Indian equities. Foreign Institutional Investors (FIIs) offloaded equities worth Rs 8,027 crore, further dampening market sentiment and exacerbating the downward pressure on indices.

Key market movements

The 30-share BSE Sensex plummeted to 73,315.16, shedding significant points early in the trading session, with major laggards including Tata Motors, State Bank of India, and Tata Steel. The NSE Nifty also experienced a notable decline, falling to 22,302.50, as weak market sentiment persisted.

Sectoral insights

Tata Consultancy Services (TCS) bucked the trend, climbing nearly 1% following a strong performance in the January-March quarter, driven by robust domestic business despite challenges in overseas markets. Nestle and HCL Technologies emerged as gainers amidst the broader market downturn.

Global and economic indicators

While Seoul, Tokyo, and Hong Kong reported lower trading, Shanghai exhibited positive momentum, reflecting mixed sentiments across Asian markets. Wall Street’s significant decline on Friday added to global market jitters, underscoring the pervasive uncertainty in financial markets. Global oil benchmark Brent crude dipped to USD 90.30 a barrel, further adding to market concerns.

Expert opinion

V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, highlighted multiple headwinds impacting markets, including the Middle East conflict, proposed changes in the India-Mauritius tax treaty, and higher-than-expected US inflation. Despite these challenges, he noted that some negatives were already anticipated by the market.

As market volatility persists amidst global uncertainties, investors are urged to exercise caution and remain vigilant in navigating through turbulent market conditions.

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