New Delhi: : India’s benchmark stock market indices Sensex and Nifty caused bloodbath on the Dalal Street as the 30 constituent index plunged in excess of 1,200 points while, the 50 issues index dragged in excess of 1% on Monday, September 30, 2024. The former closed 1.49% lower at 84,299.78 points while the latter plunged 1.40% to settle at 25,810.85 levels. . Among the Sensex pack, stocks like HUL, HCL Tech, L&T, Power Grid, Adani Ports , Kotak Mahindra Bank, TCS, ITC, SBI, HDFC Bank, Bajaj Finance, etc were some of the biggest laggards. Mostly auto, realty and banks were the main draggers.
Among the National Stock Exchange’s (NSE) thematic indices, realty, auto, banks, pharma ,etc all plunged more than 1%.
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Dark Clouds of Middle East Tension Weight On Stock Markets
The market gauges came under pressure on Monday in the backdrop of ongoing tension in the middle east. Other Asian markets like that of Japan also plunged on Monday. Global oil benchmark Brent Crude, on the other hand, was up 0.33% and traded at $72.31 per barrel. While, On Friday, the US benchmark indices had closed flat.
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China Stock Market Gauges Continue Uptrend
Albeit, other Asian countries’ benchmark stock gauges like that of Shanghai and even Hong Kong continued to trade in positive territory on Monday as well after former’s Central Bank ‘People’s Bank of China’ had earlier vowed to cut key policy interest rates last week. Ever since the announcements were made, China and Hong Kong’s benchmark indices have repeatedly shown buoyancy.
Last week, the People’s Bank of China had vowed to cut key policy interest rates to give much needed stimulus to its falling economy. Central bank governor Pan Gongsheng had said that the central bank would lower the Reserve Requirement Ratio (RRR) by 50 basis points and seven days reverse repurchase rate by 20 bps from 1.50% to 1.30%. These moves were expected to infuse $142 billion worth of liquidity in their economy. According to stock market analysts, China’s latest measures have fuelled Asian stock markets.
Earlier on Monday, Sensex had opened in red at 85,208.76 points while Nifty at 26,061.30 levels.