Equity benchmark indices Sensex and Nifty slumped 1% each due to widespread selling pressure amid uninterrupted foreign fund outflows and sluggish global trends. File
| Photo Credit: Reuters
Key benchmark stock indices on Tuesday (November 12, 2024) slumped over 1% amidst sharp selling pressure led by power, banking and auto stocks.
The S&P BSE Sensex fell 821 points or 1.03% to 78,675.18 points. The Sensex stocks which lost most included NTPC (3.16%), HDFC Bank (2.73%), Asian Paints (2.65%), State Bank (2.52%), Tata Motors (2.46%) and Maruti (2.27%).
The BSE Power index was down 2.79%, the Auto Index was down 1.95% and the Bankex was down 1.45%.
The NSE Nifty-50 index too dropped 257.85 points or 1.07% to 23,883.45 points.
“The Nifty fell for the fourth consecutive session and closed at the lowest in 4.5 months amidst dull buying interest which failed to offset the Foreign Portfolio Investors (FPI) sales. Broad market indices fell broadly in line with the Nifty,” said Deepak Jasani, Head of Retail Research, HDFC securities Ltd.
He said global stocks paused their advance on Tuesday amid signs the rally had left valuations overextended and as investors remained worried about U.S. President-elect Donald Trump’s policies. “Investors also considered the dollar’s strength amid expectations that robust US economic growth and aggressive trade policies under a Trump presidency will drive inflation higher,” he said.
The Indian Rupee on Tuesday closed with a loss of little more than 1 paise at Rs 84.3925 against the US Dollar as compared to its previous close of Rs 84.3850 on the interbank spot market.
Shrikant Chouhan, Head Equity Research, Kotak Securities said, “The benchmark indices witnessed a sharp selloff. Among sectors, almost all the major sectoral indices witnessed profit booking at higher levels but PSU Banks and Auto indices lost the most shed nearly 2%.”
“Technically, on daily charts, it has formed long bearish candle and on intraday charts, it is holding lower top formation, which is largely negative,” he said.
Published – November 12, 2024 04:14 pm IST
