Stock Markets dip continues; Sensex tanks by 662 points, Nifty down by 218 points
The Sensex plunged by 662.81 points, ending the day at 79,402.29, while the Nifty fell 218.60 points to close at 24,180.80. Among Nifty-listed companies, only 12 stocks advanced, whereas 38 stocks declined, reflecting a broad-based sell-off across sectors.
ANI
Oct 25, 2024 16:12 IST
Mumbai (Maharashtra) [India], October 25 (ANI): Domestic stock markets closed in the negative territory for the fourth consecutive day, with both benchmark indices registering significant losses.
The Sensex plunged by 662.81 points, ending the day at 79,402.29, while the Nifty fell 218.60 points to close at 24,180.80. Among Nifty-listed companies, only 12 stocks advanced, whereas 38 stocks declined, reflecting a broad-based sell-off across sectors.
Leading the list of Nifty gainers were ITC, Axis Bank, Bharat Electronics Limited (BEL), Britannia, and Hindustan Unilever. Conversely, the top losers included IndusInd Bank, Adani Enterprises, Bharat Petroleum Corporation Limited (BPCL), Shriram Finance, and Coal India, which faced significant downward pressure.
According to VLA Ambala, Co-Founder of Stock Market Today, several factors contributed to the day's bearish performance.
Ambala said, "The depreciation of the Indian rupee against the dollar is affecting India's purchasing power and global position. In addition, the lukewarm Q2 results did not meet the expected GDP growth target, leaving investors cautious."
She added, "The FIIs are also on an aggressive selling spree and have offloaded over Rs 1 lakh crore in 30 days. However, DIIs have compensated nearly 94% of this outflow, buying Rs 92,931.54 crore in equity in October. This activity has led to a 7 % decline in Nifty50, and the downturn is likely to continue."
Foreign Institutional Investors (FIIs) have played a key role in the recent market volatility, with an aggressive selling spree over the past month.
For mid-term investors, Ambala recommended a cautious approach. "Consider buying in parts near the 50-week EMA with a significant dip," she suggested, as the market braces for further fluctuations in the coming sessions. (ANI)
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