- Sensex and Nifty fall nearly 1% at mid-session.
- Auto, metals, and realty sectors lead the decline.
- Losses attributed to US and Asian equity market performance.
The Indian stock market experienced a notable decline today, with both the Sensex and Nifty dropping nearly 1% at mid-session.
Market analysts attribute the decline to significant losses in US and Asian equity markets observed yesterday. This global downturn, coupled with recent sharp gains in domestic equities, appears to have triggered a corrective phase in the Indian market.
Market Correction Hits Indian Indices: Sensex and Nifty See Declines Amid Sectoral Weakness
Today’s market session saw the Sensex and Nifty indices experience a nearly 1% decline each, driven largely by substantial losses in key sectors. The Sensex dropped by 749.21 points to 81,118.34, while the Nifty decreased by 238.95 points to 24,771.95. Major drags on performance included the auto, metals, and realty sectors, which saw drops exceeding 2%.
The decline in the Indian market is linked to broader global trends, with significant drops in US and Asian equities influencing domestic sentiment. The negative performance abroad has contributed to the pressure on Indian indices, exacerbating the current market corrections.
Despite the broad market decline, some sectors showed resilience. The top gainers on the Nifty included HDFC Bank, Divi’s Lab, Nestle India, Kotak Bank, and Apollo Hospitals, indicating selective strength within certain areas of the market.
The market’s recent sharp gains may have also set the stage for this corrective move, as investors reassess valuations and adjust their positions in light of global economic conditions.
In summary, today’s market decline reflects broader global influences and sector-specific weaknesses, with significant corrections seen in key indices. Investors should stay informed about global market trends and sectoral performance to navigate current market volatility effectively.
“Market players put the sharp drop in the benchmark indices down to substantial losses in US and Asian equities yesterday.”
