Sensex and Nifty Tumble in Tuesday Trade
The Indian stock market witnessed a sharp decline on Tuesday as the BSE Sensex plummeted over 900 points, while the NSE Nifty dipped below the crucial 24,000 mark, settling near 23,950. The sell-off was triggered by weak global cues, profit booking, and continued pressure in heavyweight sectors like banking, IT, and auto.
š» Key Highlights:
Sensex fell by over 900 points, touching an intraday low of around 78,600.
Nifty 50 slipped to 23,950, breaching key support levels.
Heavyweight stocks such as HDFC Bank, Infosys, and Reliance Industries dragged the indices lower.
Sectors such as Bank Nifty, IT, Auto, and Metal were the top losers.
Market volatility increased, with India VIX rising by more than 7%.
š Global Impact
Asian and European markets also traded in the red due to concerns over interest rate hikes and weak economic data from major economies. Investors are closely monitoring the US Federal Reserve's stance in the upcoming FOMC meeting.
š¬ Expert Opinion
Market analysts suggest this fall is part of a healthy correction after a prolonged rally. "Profit booking is expected at these levels. Long-term investors should not panic and focus on fundamentally strong stocks," said Rahul Sharma, a senior market analyst.
š Top Gainers & Losers
While most stocks were in the red, some mid-cap and pharma companies managed to hold ground:
Top Gainers: Cipla, Divi's Labs, Hindustan Aeronautics
Top Losers: HDFC Bank, Infosys, Tata Motors, JSW Steel
š What Investors Should Do Now
Experts recommend cautious trading, avoiding leveraged positions, and waiting for clear trends to emerge. Long-term investors are advised to accumulate quality stocks in a phased manner.
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