- Sensex drops 444 points, Nifty slips 146 points as financial and auto stocks weigh.
- Broader markets hit hard, with BSE Smallcap plunging nearly 2%.
- Select stocks like Euro Leder Fash, Longview Tea, and Reliable Data Services rally over 10%.
Despite the market downturn, a few stocks managed to defy the trend, gaining over 10% on the BSE. These included Euro Leder Fash, Longview Tea, and Reliable Data Services, among others.
Global factors also played a role, with US market strength attracting foreign investment away from Indian equities. Meanwhile, China’s leadership emphasized a “clean relationship” between government and businesses, aiming to restore confidence in its slowing economy.
Equity Markets Struggle as FIIs Sell; Some Stocks Defy the Downtrend
The Sensex and Nifty slipped as selling in financial and auto stocks dragged the market lower. Broader indices suffered heavier losses, with midcap and smallcap stocks facing intensified pressure. Sectoral indices were mostly in the red, highlighting weak investor sentiment.
Foreign Institutional Investors (FIIs) continued to offload shares, further impacting market stability. Analysts suggest that as the US market remains robust, capital outflows from emerging markets like India could persist. This shift is causing additional volatility in Indian equities.
Meanwhile, a handful of stocks, including Sah Polymers and Mukesh Babu Fin, recorded significant gains despite the broader market slump. These stocks found favor among investors, bucking the overall negative trend.
On the global front, developments in China regarding regulatory clarity for businesses could influence investor sentiment in Asian markets. As the country battles an ongoing real estate crisis, its policy stance will be closely watched for potential ripple effects.
While the broader market struggled due to FIIs selling and weak sectoral performance, select stocks continued to rally. Global factors, especially the US market’s strength and China’s economic policies, will likely shape market movements in the coming days.
“The stock market is a device for transferring money from the impatient to the patient.” — Warren Buffett
