Stock Market Today: Indian stock market closed with a huge decline due to the tough stance of the US Fed and low expectations of reduction in interest rates. Sensex fell by 964 points, while Nifty fell by 247 points.
Stock Market Crash today: BSE Sensex drops 964 points
Thursday was a difficult day for the Indian stock market. The Sensex closed down 964 points or 1.20% at 79,218, while the Nifty fell 247 points or 1.02% to 23,951. Investors suffered huge losses amid all-round decline.
US Fed's decision raised concerns:
The US Federal Reserve gave a disappointing outlook on interest rate cuts. The Fed has projected interest rate cuts only twice by 2025, while the market was expecting four cuts. Due to this news, global markets also saw a decline.
Most sectors of the stock market closed in the red. Sectors like auto, IT, fin service, real estate, media and energy saw the biggest decline. Only the pharma and healthcare index saw a slight increase.
- Nifty Midcap 100: Closed at 58,556, down 0.28%.
- Nifty Smallcap 100: Closed at 19,133, down 0.51%.
Top Losers and Gainers
27 out of 30 Sensex stocks declined.
Top Losers: Bajaj Finserv, JSW Steel, Bajaj Finance, Asian Paints, ICICI Bank, Reliance Industries.
Top Gainers: Sun Pharma, HUL, Power Grid.
Along with the aggressive stance of the US Fed, the decision of the Central Bank of Japan to keep the interest rate stable was also a surprise for the investors. Due to these global factors, there was a huge selling pressure in the market.
Experts say that sectors like banking and real estate have suffered huge losses due to the shattering of hopes of reduction in interest rates. The market has also weakened due to the selling by foreign investors.
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