Sensex and Nifty Plunge Over 1 Percent

Sensex and Nifty Plunge

VoM News Desk | February 28, 2024 | 05:46 PM IST | Breaking News | Follow on Google News

Sensex and Nifty Plunge Over 1 Percent/ANI

Sensex and Nifty Plunge Over 1 Percent

World stocks experienced a mild decline on Wednesday as traders awaited crucial U.S. inflation data, anticipating insights into the Federal Reserve’s potential easing cycle. European stocks dipped 0.1%, influenced by subdued corporate earnings, while German stocks managed a 0.2% gain. The MSCI world equity index, tracking shares in 47 countries, fell 0.2%, and Wall Street was poised for losses with S&P futures indicating a drop of around 0.3%. Chinese stocks slid due to profit booking after a recent rally, compounded by concerns over the property sector.

Also Read: JK Cement’s Rising Stock: Key Factors Driving Gains

Oil Prices and Other Highlights: Sensex and Nifty Plunge

U.S. crude dipped 0.87% to $78.18 per barrel, and Brent was down 0.9% at $82.91, reflecting the cautious market sentiment. Investors are closely monitoring the U.S. personal consumption expenditures price index for January, a key inflation measure for the Federal Reserve.

Sensex and Nifty Performance as Sensex and Nifty Plunge

Closing a day of tumultuous trading, both Sensex and Nifty witnessed a significant downturn, each declining over 1%. Sensex opened at 73,162.82, touching a low of 72,229.64 before closing at 72,304.88, down 1.08%. Nifty, opening at 22,214.10, reached a low of 21,923.50, closing at 21,951.15, down 1.11%. Notably, HUL, Infosys, and TCS were the sole stocks ending the day in the green on Sensex.

Sector-wise Impact: Sensex and Nifty Plunge

Across sectors, the broader market painted a red picture with the Midcap index down 1.94%, and the Smallcap index down 1.87%. Various sectors, including Nifty Media, PSU Bank, Oil & Gas, Realty, and Auto, saw declines exceeding 2%. Banking closed down 1.34%, while Metal and Private Bank indices were also down over 1%.

The market landscape reflects caution and apprehension as investors await further cues from economic indicators and global developments.

VoM News Desk

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