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  4. Sensex slumps 398 points, Nifty drops 122 points in market decline

Sensex slumps 398 points, Nifty drops 122 points in market decline

Key sectors, including IT, banking, and auto, faced heavy losses, contributing to the overall decline in market indices. Major stocks witnessed selling pressure, with investors remaining cautious amidst global market uncertainties.

Edited By: Nitin Kumar @Niitz1 New Delhi Updated on: September 11, 2024 23:14 IST
Stock market sensex
Image Source : FILE Sensex slumps 398 points, Nifty drops 122 points in market decline

Benchmark indices reversed early gains as the BSE Sensex fell by 398.13 points, or 0.49%, to close at 81,523.16. The broader NSE Nifty slipped 122.65 points, settling below the 25,000 mark at 24,918.45. Tata Motors led the losses, tumbling nearly 6%, followed by NTPC, L&T, and Reliance Industries. On the other hand, Asian Paints, Bajaj Finance, and Hindustan Unilever were among the few gainers. 

Global trends and market sentiment

Volatility prevailed due to weak global cues, including concerns over the Chinese economy and declining commodity prices. Vinod Nair, Head of Research at Geojit Financial Services, noted that investors remain cautious, awaiting US and domestic inflation data.

"Market sentiment remained cautious due to the slowdown in the Chinese economy. Investors await the release of the US CPI and domestic inflation data," said Vinod Nair, Head of Research, Geojit Financial Services.

Sectoral performance

Oil & gas, metals, and utilities saw sharp declines, while consumer durables and FMCG sectors gained. The BSE small-cap and mid-cap indices also declined by 0.57% and 0.52%, respectively.

Global markets overview

Asian markets, including Seoul, Tokyo, Shanghai, and Hong Kong, closed lower, while European markets traded mostly in the green. US markets saw mixed results in the previous session.

FII activity and crude oil prices

Foreign Institutional Investors (FIIs) bought equities worth Rs 2,208.23 crore. Meanwhile, Brent crude rose 1.49%, trading at USD 70.22 per barrel.

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