From The Economic Times · Debaroti Adhikary · · 1m 50s
Stock Market Crashes: Sensex Drops 900 Points, Nifty Below 22,900
Sensex sinks nearly 900 points as heavy bank stocks and oil prices trigger Rs 5 lakh crore selloff.
In brief
Sensex sinks nearly 900 points as heavy bank stocks and oil prices trigger Rs 5 lakh crore selloff. Indian stock market fell 1% with Sensex dropping 900 points and Nifty below 22,900 due to private bank results, oil prices, global cues, profit booking, and FII outflows. Originally reported by The Economic Times.
Market Crash
Indian stock market crashed Monday with Sensex dropping nearly 900 points to 73,853 and Nifty falling over 250 points below 22,900.
Heavyweight Bank Stocks Fall
Axis Bank shares dropped 4% after reporting 38% year-on-year net profit rise to Rs 7,003 crore for Q2FY27, missing analyst estimates.
HDFC Bank Shares Plunge
HDFC Bank shares fell over 2% after reporting Rs 19,510 crore net profit for Q2FY27, a 4.6% jump from previous year.
Oil Prices Surge
Brent crude futures declined more than 2% but traded above $107 per barrel after US President Trump waived sanctions on Russia.
Global Market Weakness
Japan’s Nikkei fell 0.64% while Indonesia’s Jakarta Composite crashed more than 5%, and Indian stocks dropped as AI stocks rose.
Profit Booking Activity
Nifty gained over 2% between Thursday and Friday before today’s sharp downturn due to expiry-day volatility.
FII Outflows Persist
Foreign investors bought Rs 1,166 crore on Friday but FIIs have been net sellers in nine out of 11 sessions in October.
Market Analyst Views
V K Vijayakumar noted high crude prices will act as a strong headwind despite attractive valuations and rupee appreciation.
Technical Outlook
Nifty holding 23,000 remains crucial with key support at 22,950 and resistance at 23,300 for the day.
Market Impact
Selloff wiped nearly Rs 5 lakh crore off combined market value of BSE-listed companies, taking it below Rs 468 lakh crore.
The headline
Indian stock market fell 1% with Sensex dropping 900 points and Nifty below 22,900 due to private bank results, oil prices, global cues, profit booking, and FII outflows.
