Pre-election jitters? Sensex tumbles 1,000 pts from day’s high, down 2,500 pts in four sessions
Sensex, which hit a high of 73,473 during the session closed at 72,488, down 985 pts from day’s high. With today’s crash, Sensex is down 2, 549 pts in the last four sessions.
- Apr 18, 2024,
- Updated Apr 18, 2024 4:19 PM IST
Sensex tumbled nearly 1,000 pts from high point of the day to close lower for the fourth straight session on Thursday. Sensex, which hit a high of 73,473 during the session closed at 72,488, down 985 pts from day’s high. With today’s crash, Sensex is down 2, 549 pts in the last four sessions. The 30 stock index fell 454 pts to 72,488 and Nifty closed 152 pts lower at 21,995. The wild swing in the stock market comes a day ahead of the commencement of the Lok Sabha election, which made investors and traders cautious in Thursday’s trade. The Lok Sabha elections 2024 will be held in seven phases from April 19 to June 1. The counting of votes will be done on June 4 (Tuesday), as per the Election Commission.
Market cap of BSE-listed firms fell to Rs 393.38 lakh crore. India VIX, the volatility index, was climbed 3.33% to 13.04, signaling a rise in volatility in the stock market.
Nestle India, Titan, Axis Bank, NTPC, Tata Motors and ITC were the top Sensex losers, falling up to 3.31 per cent. Of 30 Sensex stocks, 26 ended in the red. Shares of Bharti Airtel, PowerGrid , Infosys and L&T were the only Sensex gainers, rising up to 0.28%.
Vinod Nair, Head of Research, Geojit Financial Services said, "Domestic benchmarks extended losses amid mixed sentiments, emerged from escalating geopolitical tensions in the Middle East, and as hopes of US rate cuts waned. Investors are adapting to prolonged higher US interest rates due to strength in the labour market and progress in inflation so far. The broader market has also witnessed profit booking, led by the weakness in heavy weight sectors like banking and FMCG. Meanwhile, investors will closely monitor the Q4 outcomes for further directions."
Consumer durables and banking shares were the top losers today with their BSE indices tumbling 802 pts and 585 pts, respectively.
Market breadth was negative with 1869 stocks rising against 1927 stocks falling on BSE. 133 shares were unchanged.
Aditya Gaggar, Director of Progressive Shares said, “Extreme volatility swings were seen on the weekly expiry day with the morning trade dominated by bulls followed by a steep decline in the mid-session. Follow-up selling dragged the index further lower to trade below the psychological support of 22,000. With a loss of 152.05 points, Nifty50 ended the day at 21,995.85. With a bearish engulfing candlestick pattern, the index has broken its 50DMA and long trendline support but currently, it is placed at the lower end of the rising channel. The activity of the upcoming day will decide the continuation or reversal of the trend.”
Previous session
Sensex closed 456 points lower at 72,943 and Nifty lost 124 points to 22,147 on Tuesday. Market cap of BSE-listed firms fell to Rs 394.31 lakh crore.
Sensex tumbled nearly 1,000 pts from high point of the day to close lower for the fourth straight session on Thursday. Sensex, which hit a high of 73,473 during the session closed at 72,488, down 985 pts from day’s high. With today’s crash, Sensex is down 2, 549 pts in the last four sessions. The 30 stock index fell 454 pts to 72,488 and Nifty closed 152 pts lower at 21,995. The wild swing in the stock market comes a day ahead of the commencement of the Lok Sabha election, which made investors and traders cautious in Thursday’s trade. The Lok Sabha elections 2024 will be held in seven phases from April 19 to June 1. The counting of votes will be done on June 4 (Tuesday), as per the Election Commission.
Market cap of BSE-listed firms fell to Rs 393.38 lakh crore. India VIX, the volatility index, was climbed 3.33% to 13.04, signaling a rise in volatility in the stock market.
Nestle India, Titan, Axis Bank, NTPC, Tata Motors and ITC were the top Sensex losers, falling up to 3.31 per cent. Of 30 Sensex stocks, 26 ended in the red. Shares of Bharti Airtel, PowerGrid , Infosys and L&T were the only Sensex gainers, rising up to 0.28%.
Vinod Nair, Head of Research, Geojit Financial Services said, "Domestic benchmarks extended losses amid mixed sentiments, emerged from escalating geopolitical tensions in the Middle East, and as hopes of US rate cuts waned. Investors are adapting to prolonged higher US interest rates due to strength in the labour market and progress in inflation so far. The broader market has also witnessed profit booking, led by the weakness in heavy weight sectors like banking and FMCG. Meanwhile, investors will closely monitor the Q4 outcomes for further directions."
Consumer durables and banking shares were the top losers today with their BSE indices tumbling 802 pts and 585 pts, respectively.
Market breadth was negative with 1869 stocks rising against 1927 stocks falling on BSE. 133 shares were unchanged.
Aditya Gaggar, Director of Progressive Shares said, “Extreme volatility swings were seen on the weekly expiry day with the morning trade dominated by bulls followed by a steep decline in the mid-session. Follow-up selling dragged the index further lower to trade below the psychological support of 22,000. With a loss of 152.05 points, Nifty50 ended the day at 21,995.85. With a bearish engulfing candlestick pattern, the index has broken its 50DMA and long trendline support but currently, it is placed at the lower end of the rising channel. The activity of the upcoming day will decide the continuation or reversal of the trend.”
Previous session
Sensex closed 456 points lower at 72,943 and Nifty lost 124 points to 22,147 on Tuesday. Market cap of BSE-listed firms fell to Rs 394.31 lakh crore.