Indian Stock Market Plunges Over 1% Amid Broad-Based Selloff

Indian Stock Market Plunges Over 1% Amid Broad-Based Selloff/ANI

VoM News Desk | August 2, 2024 | 10:18 PM IST | Breaking News | Follow on Google News

Indian Stock Market Plunges Over 1% Amid Broad-Based Selloff

Indian Stock Market Plunges Over 1% Amid Broad-Based Selloff

Key Highlights:

1. Significant Drops in Sensex and Nifty 50: Both indices fell over 1% due to weak global cues.
2. Market Capitalization Loss: Investors lost about ₹5 lakh crore in one session.
3. Sectoral Declines: Nifty Realty, Auto, and Metal sectors saw the steepest declines.

On Friday, August 2, the Indian stock market benchmarks, Sensex and Nifty 50, experienced a significant drop, each plunging over 1% due to an across-the-board selloff amid weak global cues.

The Sensex opened at 81,158.99, down from its previous close of 81,867.55, and further declined over 1% to hit 80,868.91. Similarly, the Nifty 50 started at 24,789, down from its prior close of 25,010.90, and fell over 1% to reach 24,686.85.

At the end of the trading day, the Sensex closed 886 points lower, a 1.08% decline, at 80,981.95. Meanwhile, the Nifty 50 concluded with a loss of 293 points, or 1.17%, at 24,717.70.

The selloff was widespread, with mid and small-cap indices on the BSE falling by 1.19% and 0.58%, respectively. The overall market capitalization of BSE-listed firms dropped from nearly ₹462 lakh crore to approximately ₹457 lakh crore, resulting in a loss of about ₹5 lakh crore for investors in just one session.

In the Nifty 50 index, 42 stocks ended in the red, with automakers such as Eicher Motors, Tata Motors, and Maruti emerging as the top losers.

The volatility index, India VIX, surged over 11% to 14.41, indicating increasing nervousness among market participants.

Among the major sectoral indices, Nifty Realty plummeted by 3.5%, while Auto and Metal sectors each declined by nearly 3%. The IT index also suffered a loss of over 2%.

Additionally, the Nifty Bank index declined by 0.41%, and the Private Bank index slipped by 0.39%. In contrast, the PSU Bank index faced a substantial loss of 1.72%.

VoM News Desk

VoM News is an online web portal in jammu Kashmir offers regional, National & global news.