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The Sensex dropped nearly 942 points, marking a three-month low, while the Nifty slipped over 1% to close below the 24,000 mark on Monday, with the fall largely attributed to significant selling in Reliance Industries and major banking stocks, according to PTI.
The BSE Sensex, comprising 30 shares, plummeted 941.88 points, or 1.18%, to settle at 78,782.24, the lowest level seen since August 6. During the trading session, it had dropped as much as 1,491.52 points, or 1.87%, reaching 78,232.60. Meanwhile, the NSE Nifty declined by 309 points, or 1.27%, ending the day at 23,995.35.
Market analysts noted that uncertainty ahead of the US presidential election on November 5, combined with expectations of a fresh stimulus package from China, contributed to the selling pressure in Indian equities. Adding to the negative sentiment was the continued outflow of foreign investments, which further dampened market confidence. Foreign institutional investors (FIIs) sold equities worth Rs 211.93 crore on Friday, according to PTI.
Heavy selling pressure was seen in key stocks within the Sensex pack. Adani Ports, Reliance Industries, Sun Pharma, Bajaj Finserv, NTPC, Tata Motors, Axis Bank, and Titan were among the top decliners. On the other hand, Mahindra & Mahindra, Tech Mahindra, State Bank of India, HCL Technologies, Infosys, and IndusInd Bank managed to post gains.
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October witnessed an unprecedented pullback by foreign investors, with FIIs withdrawing a massive Rs 94,000 crore (approximately USD 11.2 billion) from Indian markets, as per exchange data. According to PTI, this month recorded the worst-ever outflows, largely driven by the high valuation of Indian equities and the comparatively attractive valuations in Chinese stocks.
According to PTI, a meeting by China's National People's Congress this week has fuelled speculation that the Chinese government may introduce substantial spending measures to stimulate economic growth, which has impacted market sentiment globally.
In the Asian markets, Seoul, Shanghai, and Hong Kong ended the day in positive territory, while European markets traded mostly higher. Meanwhile, US markets had closed on a positive note on Friday.
In the oil sector, the global benchmark Brent crude price rose by 2.57% to USD 74.98 per barrel, adding to global market dynamics.
On November 1, the Bombay Stock Exchange (BSE) and National Stock Exchange (NSE) conducted a one-hour special 'Muhurat Trading' session in celebration of Diwali, marking the beginning of Samvat 2081. In this session, the BSE Sensex rose by 335.06 points, or 0.42%, to close at 79,724.12, while the Nifty gained 99 points, or 0.41%, settling at 24,304.35, as per PTI.
(With inputs from PTI)
