Sensex Plummets 500 Points from Day's High, Nifty Nears 23,350: Experts Cite Three Key Factors Behind Market Decline
Indian Equity Markets Post Moderate Gains
The benchmark equity indices Sensex and Nifty experienced a sharp decline in trading hours, following an initial surge in the morning session. The downturn was largely attributed to profit booking at higher levels.
In the early trade today, the Sensex rose to 74,717.57, a gain of 357.56 points or 0.48 percent. The Nifty also advanced to 23,516.35, up 99.8 points or 0.42 percent. However, the markets witnessed a reversal in fortunes post 10 am, following the RBI policy outcome. As a result, the Sensex plummeted to 74,205.76, a decline of 154.25 points or 0.21 percent. The Nifty also fell to 23,366.05, down 50.50 points or 0.22 percent.
The profit booking trend was evident across the market, with the Sensex and Nifty experiencing a significant drop from their day's highs. The Bank Nifty also witnessed selling pressure, with the index trading 0.11 percent higher after initially rising 0.61 percent.
Read also: India Considers Sale of Up to $525 Million Stake in Hindustan Zinc
| Index | Early Gain | Decline |
|---|---|---|
| Sensex | 357.56 points (0.48%) | 154.25 points (0.21%) |
| Nifty | 99.8 points (0.42%) | 50.50 points (0.22%) |
| Bank Nifty | 0.61% | 0.11% |
Investor Takeaway
Investors should be cautious and consider hedging their positions in the short term due to the market decline.
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