04 Oct , 2024 By : Debdeep Gupta
Sensex and Nifty plunged nearly 1 percent in the final hour of trade, amid worries about escalating conflict in the Middle East. Banking, FMCG, and auto stocks bore the brunt of the sell-off, while IT stocks offered a brief glimmer of hope amidst the market turmoil.
At 2.15 PM, the Sensex was down 671 points or 0.8 percent at 81,825 and the Nifty was down 206 points at 25,043. About 1,401 shares advanced, 1,996 shares declined, and 89 shares unchanged.
Concerns over the escalating conflict in the Middle East have raised fears of potential disruptions to crude supplies from the top oil-producing region, pushing prices higher—a situation that impacts net importers like India. Meanwhile, FIIs are diverting funds to China following its recent stimulus measures.
"The last three days have witnessed huge FII selling of Rs 30,614 crores in the cash market. FIIs are moving money from expensive India to cheap Hong Kong on expectations that the monetary and fiscal stimulus being implemented by the Chinese authorities will stimulate the Chinese economy and improve earnings of Chinese companies," said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
In the broader market, BSE small- and mid-cap indices slipped 1 percent. The India VIX, a key measure of market volatility, surged over 9 percent to 14.4.
On the Nifty 50, Cipla, Bajaj Finance, M&M, Hero MotoCorp, and Nestle took the hardest hit, dropping 2-4 percent. In contrast, Infosys, Tech Mahindra, Wipro, Axis Bank, and ONGC emerged as top gainers, climbing 0.5-1.5 percent.
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