Sensex Plunges 700 Points from Day's High, Nifty Stalls near 23,050: Market Decline Continues for Fourth Consecutive Day
Market Update
Indian Equity Indices Experience Losses The Sensex and Nifty benchmark equity indices experienced a decline of approximately 350 points from their day's high on Monday, driven by the prolonged tensions in West Asia and rising crude prices.
Market Performance At around 10 am, the Sensex was trading at 74,614.16, a decline of 50.23 points or 0.067% from its earlier value. Conversely, the Nifty was trading at 23,186.20, a gain of 35.10 points or 0.15%.
Market Factors The market trimming of gains can be attributed to several key factors:
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- Weak Global Cues: Asian markets, including South Korea's Kospi, Japan's Nikkei 225 index, and Shanghai's SSE Composite index, were trading lower. The US market also ended lower on the preceding Friday.
- Persistent FII Outflows: Foreign Institutional Investors (FIIs) offloaded equities worth Rs 10,716.64 crore on Friday.
- Surge in Crude Prices: Brent crude, the global oil benchmark, jumped 1% to USD 104.2 per barrel.
Investor Takeaway
Investors should be cautious of the ongoing market decline and potential impact of global cues and crude prices.
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