Sensex plunges more than 800 points to fall below 64k mark

New Delhi: The BSE Sensex is down by more than 800 points to fall below the 64,000 points mark on Thursday.

Sensex is down by 832 points at 63,216 points in morning trade amid massive selling the markets.

Among the big losers, M&M is down 3 per cent, Bajaj Finance is down 2.8 per cent, Tech Mahindra is down 2.8 per cent, Nestle is down 2.4 per cent, Bajaj Finserv is down 2.4 per cent, Asian Paints is down 2.1 per cent.

Vaishali Parekh, Vice President – Technical Research, Prabhudas Lilladher, said Nifty plunged heavily with profit booking witnessed and extended the losses from the previous session breaching below the crucial 19,200 zone during the intraday session further weakening the bias and sentiment overall.

As mentioned earlier, a breach below 19,200 zone shall trigger for intensified selling pressure with next major support maintained near 18,800-18,600 levels near the 200 period MA. The support for the day is seen at 18,950 levels while the resistance is seen at 19,250 levels, Parekh said.

V.K. Vijayakumar, Chief Investment Strategist at Geojit Financial Services said there is risk-off in global equity markets triggered by a combination of economics and geopolitics.

The Israel-Hamas conflict continues to be a major headwind for markets. If the conflict lingers for long it has the potential to impact global growth, too, when the global economy is already in the midst of a slowdown.

In the near-term, however, the strongest headwind for the market is the stubbornly high US bond yields.

With the 10-year bond yield at near 5 per cent FPIs are likely to be in the sell mode. Sectors like banking and IT which constitute the largest segments of the AUM of FPIs are likely to be under pressure. This will provide opportunities for long-term investors to buy quality stocks, particularly in banking, at attractive rates, he added.

IANS

NPAs of India’s banks decline to multi-decade low of 2.3 pc

Mumbai: The soundness and resilience of India’s scheduled commercial banks are bolstered by robust capital buffers, multi-decadal low non-performing loans and strong earnings, according to the RBI’s latest Financial Stability...

More Indians now invest in equities as financialization of household savings rises: SBI

New Delhi: The financialization of household savings in India has gained significant momentum as equities as percentage of household savings in the country has increased from 2.5 per cent in...

‘GoIStats’ mobile app launched for real-time access to official statistical data

New Delhi: The government on Sunday launched the 'GoIStats' mobile application that will help every stakeholder seamlessly access official data on the go. The initiative by the National Sample Survey...

Indo-Saudi economic ties get a major boost as Malabar opens its largest jewellery showroom in Riyadh

  RIYADH: Indo-Saudi relations got a major boost following the opening of the largest jewellery showroom by India’s Malabar Gold & Diamond Group in Riyadh recently. The opening of this...

India curbs jute imports from Bangladesh as dumping hurts local farmers and mills

New Delhi: India on Saturday decided to impose port restrictions, with immediate effect, on the import of jute and allied fibre products from Bangladesh to check influx of cheap, subsidised...

Sensex surges 1,000 points, banking and heavyweight stock gain

Mumbai: The Indian stock markets closed on a strong note on Thursday, with benchmark indices Sensex and Nifty surging over 1 per cent each, led by gains in banking and...

Saudi Arabia, Russia offer oil supply continuity for India amid Iran’s Hormuz uncertainty

New Delhi: For India, which reportedly holds crude reserves for 90 days, Saudi Arabia’s ability to reroute crude exports via the Red Sea offers a layer of supply continuity amid...

Lilavati Trust files Rs 1,000 crore defamation case against HDFC Bank CEO Jagdishan

New Delhi: In a major development, the Lilavati Kirtilal Mehta Medical Trust, which runs Mumbai's Lilavati Hospital, has filed a Rs 1,000 crore defamation case against HDFC Bank's Managing Director...

Silver hits fresh all-time high on MCX amid geopolitical tensions

Mumbai: Silver futures on the Multi Commodity Exchange (MCX) touched a new all-time high of Rs 1,09,250 per kilogram on Tuesday, as investors rushed to safe-haven assets amid rising tensions...

Centre cuts customs duty on crude edible oils to bring down prices in local market

New Delhi: The Centre has reduced the basic customs duty on crude edible oils, including crude sunflower, soybean, and palm oils, from 20 per cent to 10 per cent to...

RBI pegs India’s GDP growth at 6.5 pc for 2025-26

Mumbai: The RBI has projected India’s GDP growth at 6.5 per cent for 2025-26, with domestic economic activity showing resilience on the back of a strong agriculture sector, industry picking...

RBI cuts repo rate by 50 basis points to 5.5 pc, changes policy stance to neutral

Mumbai: RBI Governor Sanjay Malhotra on Friday announced a jumbo 50 basis points cut in the repo rate from 6 per cent to 5.5 per cent to spur growth in...

Read Previous

Google cracks down on ‘offensive’ AI apps, disruptive notifications

Read Next

Seeking closure by reliving prison days: Raj Kundra on debut movie ‘UT 69’

WP2Social Auto Publish Powered By : XYZScripts.com