Sensex tumbles over 1000 points today, closes down at 72,404.17

Sensex tumbles over 1000 points today, closes down at 72,404.17/Mint

VoM News Desk | May 9, 2024 | 04:46 PM IST | Breaking News | Tags: Nifty, Sensex, Stock Market, Trading | Follow on Google News

Sensex tumbles over 1000 points today, closes down at 72,404.17

Sensex tumbles over 1000 points today, closes down at 72,404.17

Key Highlights:

1. Indian benchmark indices suffered significant losses for the third consecutive session.
2. Sensex and Nifty both plunged, with Sensex dropping over 1,000 points.
3. Only a handful of stocks managed to close in the green, while most sectors ended deeply in the red.

Indian benchmark indices faced a grim session on Thursday, marking their third straight day of decline as weak March quarter results and ongoing election uncertainties weighed heavily on investor sentiment. The Sensex, initially showing promise by opening higher, took a sharp nosedive, shedding over 1,000 points to reach 72,404.17 by close, marking a 1.45% decline. Similarly, the Nifty 50 also suffered, closing at 21,957.50, down by 1.55%.

Amid the sea of red, only a few stocks managed to stay afloat, including Tata Motors, Mahindra & Mahindra, SBI, Infosys, and HCLTech, while others like Larsen & Toubro, Asian Paints, JSW Steel, ITC, and Bajaj Finance faced notable declines. The broader market echoed the downturn, with the BSE SmallCap index dropping 2.41% and the BSE MidCap index down 2.01% at the closing bell.

Despite this bleak outlook, the Auto sector stood out as a lone beacon of hope, closing with a modest gain of 0.78%, while all other sectors closed firmly in the red. The Volatility index, VIX, ended notably higher by 6.55%, reflecting heightened market uncertainty.

In the corporate arena, State Bank of India reported a commendable 24% year-on-year rise in Q4 net profit, contrasting with HPCL’s disappointing performance as its Q4 net profit fell by 12% despite a revenue increase. These divergent earnings reports further underscored the mixed signals plaguing the market amidst challenging economic and political conditions.

Source: Mint

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