Stock market crash today: BSE Sensex and Nifty50, the Indian equity benchmark indices, plunged in red on Monday. While BSE Sensex tanked by 750 points to dip under 72,000, Nifty50 was trading below 21,900 level. At 10:47 AM, BSE Sensex was trading at 71,887.80, down 777 points or 1.07%. Nifty50 was at 21,825.05, down 230 points or 1.04%.
Indian benchmark equity indices experienced significant losses, primarily due to the weak performance of auto and IT stocks.The market volatility increased as the fourth phase of the Lok Sabha elections took place, with the India VIX surging by 14%, said an ET report.
Several companies, including Tata Motors, Tata Steel, JSW Steel, Maruti, NTPC, Reliance Industries, and Power Grid, were among the top losers on the Sensex in early trading. On the other hand, Sun Pharma, HUL, and Kotak Bank were the only gainers at the opening bell.
Tata Motors shares experienced a significant decline of over 6% as the company anticipates weaker domestic demand for passenger vehicles in the first half of fiscal year 2025, attributed to the ongoing national elections. In contrast, JK Cement opened 6% higher following a 101% year-on-year increase in its consolidated net profit for Q4 of FY24, reaching Rs 219.75 crore.
V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, commented on the confusion surrounding the reasons for the aggressive FPI selling in May, stating, “There is confusion regarding the reasons for the aggressive FPI selling in May. There are media reports attributing the FPI selling to possible setbacks to the NDA/BJP in the elections. It is important to understand that the FPI selling is due to a change in FPI stance from ‘sell China, buy India’ earlier to ‘sell India, buy China’ now.”
Deepak Jasani, Head of Retail Research at HDFC Securities, provided his outlook, saying, “The Nifty could stay in the 21777-22232 band for the near term.”
In the global markets, Chinese blue chips reached a seven-month high, while the MSCI’s broadest index of Asia-Pacific shares outside Japan remained flat after hitting a 15-month high last week. The Japanese Nikkei eased by 0.2%. S&P 500 futures and Nasdaq futures were relatively unchanged early on Monday, following a rally last week supported by strong company earnings.
Foreign investors were net sellers of Indian shares on Friday, offloading Rs 2,118 crore, while domestic institutional investors were net buyers, purchasing Rs 2,710 crore in stocks. FPIs have been sellers in 23 out of the last 28 sessions.
In the commodities market, oil prices continued to decline on Monday due to signs of weak fuel demand and comments from U.S. Federal Reserve officials that dampened hopes of interest rate cuts, which could potentially slow growth and reduce fuel demand in the world’s largest economy. Brent crude futures slipped by 26 cents, or 0.3%, to $82.53 a barrel, while U.S. West Texas Intermediate crude futures were down 23 cents, or 0.3%, at $78.03 a barrel.
The Indian rupee opened flat at 83.51 against the US dollar on Monday, while the dollar index, which tracks the movement of the greenback against a basket of six major world currencies, rose slightly by 0.02% to 105.31 level.
Indian benchmark equity indices experienced significant losses, primarily due to the weak performance of auto and IT stocks.The market volatility increased as the fourth phase of the Lok Sabha elections took place, with the India VIX surging by 14%, said an ET report.
Several companies, including Tata Motors, Tata Steel, JSW Steel, Maruti, NTPC, Reliance Industries, and Power Grid, were among the top losers on the Sensex in early trading. On the other hand, Sun Pharma, HUL, and Kotak Bank were the only gainers at the opening bell.
Tata Motors shares experienced a significant decline of over 6% as the company anticipates weaker domestic demand for passenger vehicles in the first half of fiscal year 2025, attributed to the ongoing national elections. In contrast, JK Cement opened 6% higher following a 101% year-on-year increase in its consolidated net profit for Q4 of FY24, reaching Rs 219.75 crore.
V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, commented on the confusion surrounding the reasons for the aggressive FPI selling in May, stating, “There is confusion regarding the reasons for the aggressive FPI selling in May. There are media reports attributing the FPI selling to possible setbacks to the NDA/BJP in the elections. It is important to understand that the FPI selling is due to a change in FPI stance from ‘sell China, buy India’ earlier to ‘sell India, buy China’ now.”
Deepak Jasani, Head of Retail Research at HDFC Securities, provided his outlook, saying, “The Nifty could stay in the 21777-22232 band for the near term.”
In the global markets, Chinese blue chips reached a seven-month high, while the MSCI’s broadest index of Asia-Pacific shares outside Japan remained flat after hitting a 15-month high last week. The Japanese Nikkei eased by 0.2%. S&P 500 futures and Nasdaq futures were relatively unchanged early on Monday, following a rally last week supported by strong company earnings.
Foreign investors were net sellers of Indian shares on Friday, offloading Rs 2,118 crore, while domestic institutional investors were net buyers, purchasing Rs 2,710 crore in stocks. FPIs have been sellers in 23 out of the last 28 sessions.
In the commodities market, oil prices continued to decline on Monday due to signs of weak fuel demand and comments from U.S. Federal Reserve officials that dampened hopes of interest rate cuts, which could potentially slow growth and reduce fuel demand in the world’s largest economy. Brent crude futures slipped by 26 cents, or 0.3%, to $82.53 a barrel, while U.S. West Texas Intermediate crude futures were down 23 cents, or 0.3%, at $78.03 a barrel.
The Indian rupee opened flat at 83.51 against the US dollar on Monday, while the dollar index, which tracks the movement of the greenback against a basket of six major world currencies, rose slightly by 0.02% to 105.31 level.
