Share market today Sensex Plummets Over 1,000 Points, Hits 2-Month Low; Investors Shed ₹7.35 Lakh Crore

Today’s market scenario mirrors Thursday’s session, with the Sensex and the Nifty 50 experiencing a decline of over 1 percent. The ongoing worries surrounding the general elections continue to influence market sentiment. Additionally, the weekly Nifty options expiry, happening today, has contributed to increased volatility in the headline indices. Investors are closely monitoring these developments as they navigate through the market fluctuations.

The 30-share BSE Sensex concluded the trading session with a decline of 1,062.22 points or 1.45%, settling at the level of 72,404.17. Similarly, the Nifty 50 ended at 21,957.50, down by 345 points or 1.55%. Notably, the broader market demonstrated weaker performance compared to the benchmark indices, with the Nifty Small Cap 100 closing 2.83% lower and the Nifty Midcap 100 ending 1.85% lower. This highlights the prevailing negative sentiment across various segments of the market.

The overall market capitalization of BSE-listed firms witnessed a significant decline, falling to approximately ₹393.34 lakh crore from ₹400.69 lakh crore recorded in the previous session. This substantial drop resulted in investors collectively losing nearly ₹7.35 lakh crore within a single session. Such fluctuations underscore the heightened volatility and uncertainty prevailing in the market, prompting investors to closely monitor developments and adjust their strategies accordingly.

The Nifty 50 and Sensex have recently hit their lowest points in the past three weeks, with market analysts anticipating a continued loss of momentum in the major Indian indices. The ongoing uncertainty surrounding the general elections is cited as one of the primary factors contributing to the market’s decline. Additionally, subdued signals from the Q4 results of large-cap companies have significantly dampened investor morale.

The heightened level of uncertainty is reflected in the India VIX, which has reached a 52-week high of 19, indicating fear within the market. Share market today

On a global scale, following a string of positive weeks, markets took a breather on Thursday in response to the Bank of England rate decision, as reported by Reuters. Meanwhile, Japanese officials are increasingly discussing intervention measures as the yen continues its decline. These developments suggest a complex interplay of domestic and international factors influencing market dynamics.

In Japan, the Nikkei surrendered its earlier gains, experiencing a decline of 0.2%. Similarly, the resource-heavy Australian share market recorded a notable fall of 1.1%. Meanwhile, South Korea’s market also retreated, with a decline of 1%. These movements reflect a broader trend of market corrections and adjustments amid ongoing economic uncertainties and geopolitical developments.

In today’s trading session, out of the Nifty 50 index constituents, only 7 stocks closed in the green while the remaining 43 ended in the red.

Top gainers in the Nifty 50 were:
1. Hero MotoCorp Ltd: Up 3.19%
2. Tata Motors Ltd: Up 1.77%
3. Mahindra and Mahindra Ltd: Up 1.52%
4. State Bank of India: Up 1.13%
5. Bajaj Auto Ltd: Up 1.04%

On the other hand, the top losers were:
1. Larsen & Toubro Ltd: Down 5.65%
2. Bharat Petroleum Corporation Ltd: Down 4.52%
3. Asian Paints Ltd: Down 4.48%
4. Coal India Ltd: Down 4.40%
5. Oil and Natural Gas Corporation Ltd: Down 3.85%

These fluctuations highlight the diverse performance of individual stocks within the Nifty 50 index during today’s trading session.

Today’s sectoral indices exhibited mixed performance, with only Nifty Auto closing higher by 0.78%. Other sectoral indices ended in the red as follows:
– Nifty Bank: Up 1.11%
– Nifty IT: Down 0.39%
– Nifty Media: Down 1.79%
– Nifty Financial Services: Down 1.56%
– Nifty Realty: Down 2.23%
– Nifty FMCG: Down 2.47%
– Nifty Oil & Gas: Down 3.15%

Vinod Nair, Head of Research at Geojit Financial Services, commented on the market’s volatility, attributing it to caution amid Q4 earnings and general election concerns. He suggested that investors are adopting a cautious stance, leading to a trend continuation in the short term, especially as the market dipped below the psychological level of 22,000. Nair also noted mixed cues from global indices ahead of the Bank of England policy meeting and upcoming US inflation figures next week.

Rupak De, Senior Technical Analyst at LKP Securities, highlighted that the index’s breach below 22,200, a level where significant Put writing was observed, indicates that bears are still dominating the market. Despite the mayhem, buyers refrained from buying the dips, leading to further breakdown of support levels. De suggests that there’s a likelihood of the trend weakening even more in the near future. He identifies 22,200 as the immediate resistance level, indicating that the market may continue its upward movement and selling pressure as long as it remains below this level.