New Delhi: India’s benchmark stock market indices Sensex and Nifty closed in negative territory for the sixth straight session on Monday, October 07, 2024. The 30 Sensex firms closed 638 points lower at 81,050.00 levels, while, the broader stock gauge dipped 218 points to settle at 24,795.75 levels. Among the Sensex pack, stocks like Adani Ports, NTPC, SBI, Power Grid, Axis Bank, Titan, IndusInd Bank, Ultra Cement, HDFC Bank etc were the biggest laggards. Mostly IT, financials and construction stocks dragged Sensex down on Monday.
Among the National Stock Exchange’s (NSE) thematic indices financials, metal, media, PSU Banks and oil and gas all traded negatively.
In the last few days, India’s stock market gauges have faced huge selling pressure due to continued, foreign outflows, Sebi’s implementation of latest measures in the F&O segment and heightened middle east tension.
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Continued FIIs Selling
Foreign investors turned net sellers in first week of October 2024. The FPIs offloaded shares worth Rs 27,142 crore in just the first three trading days of the current month leading to the stock market crash. Although, in September, they had bought equities worth Rs 57,724 crore.
Asian Markets Buoyant
Albeit, other Asian markets of Japan, Seoul and Hong Kong traded in positive territory on Monday. The Japan’s stock gauges have remained buoyant in last few trading sessions as the country’s newly elected Prime Minister Shigeru Ishiba has directed Japanese central bank not to hurry with the rate hikes. While, stock gauges in Hong Kong were also buoyant.
On the other hand, mainland Chinese stock market indices are closed since the last one week. Recently, stock exchanges in China have risen phenomenally on account of fresh stimulus measures announced by the Chinese central bank. The policy makers earlier pegged for reduction in interest rates to prop up its falling economy. Since then, the Chinese market gauges have only shot up in last few sessions. Earlier on Monday, India’s domestic stock market indices Sensex and Nifty had opened in green. The 30 constituent index had started early morning trade with a gap up at 81,926.99 points, while, the broader index had traded flat at 25,181.90 levels
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