From The Economic Times · · 2m
Sensex Plunges 876 Points, Nifty Falls Below 22,900
Indian stock market crashes as Sensex drops 876 points and Nifty falls below 22,900.
In brief
Indian stock market crashes as Sensex drops 876 points and Nifty falls below 22,900. Indian stock market crashes as Sensex drops 876 points and Nifty falls below 22,900. Originally reported by The Economic Times.
Sensex Plunges 876 Points
The Sensex plunged 876 points to settle at 73,853, wiping out nearly Rs 5 lakh crore in investor wealth.
Nifty Ends Below 22,900
The Nifty 50 shed 257 points to close at 22,889, taking market capitalisation below Rs 468 lakh crore.
Key Stocks Drop
Axis Bank fell 4%, while UltraTech Cement, Infosys and Bajaj Finance declined around 3% each.
Market Volatility Rises
India VIX, a market volatility gauge, rose more than 4% to nearly 14.7.
FII Outflows Impact
Foreign institutional investors raised stakes in 302 smallcap stocks, accounting for nearly half of disclosed companies.
Oil Prices Fall
Oil prices fell around 2% after U.S. President Trump waived sanctions on Russia, including energy exports.
Global Market Reactions
European stocks slipped led by France, with France's CAC 40 sinking 1.3% to 7,854.31.
Sectoral Performance
PSU banks led gains, while private banks, chemicals, and financial services declined sharply.
Market Breadth
Market breadth remained negative, with 2,139 stocks declining against 1,049 advances.
Jio IPO Demand
Jio Platforms' IPO attracted around Rs 2.5 lakh crore in institutional investor demand.
HFCL Q2 Results
HFCL reported a net profit of Rs 394 crore, marking a 448% year-on-year jump.
UltraTech Cement Results
UltraTech Cement reported a 21% year-on-year jump in net profit to Rs 1,494 crore.
Punjab National Bank Surge
PNB shares surged 8% after reporting better-than-expected Q2 earnings, prompting brokerages to raise target prices.
Market Volatility Eases
Sensex pulled back from sharp swings as market volatility began to ease.
Dussehra Trading Holiday
The Indian stock market will remain closed on Tuesday, October 20, for Dussehra.
Market Outlook
Nifty faces a crucial test at key resistance levels, with 23,400, 23,500 emerging as the next upside target.
The key point
Indian stock market crashes as Sensex drops 876 points and Nifty falls below 22,900.
