Today market opened with a bloodbath across Dalal Street. Sensex Nifty was down by over 1% as the trading session began in the morning, with significant losses seen in the realty and PSU bank sectors. Domestic and global cues came together to drag the entire market down. All the sectors trading in the red today, with the biggest blow coming from the realty sector. The PSU banks, Media, and Metals are also dragging the market down significantly. This has been the biggest stock market crash since June 2024.
Global Factors
If you are wondering Why the market crashed today then here are the reasons.
Today, the global cues are highly negative which is taking a toll on the markets. The Asia-Pacific markets opened on a lower note after the release of the US jobs report on Friday. The report dashed the hopes of further rate cuts by the Fed. The prime indices on Wall Street have been posting losses for quite some time in the past week which built the pressure up.
On the other hand, the dollar index has soared to its peak, the highest since 2022. This has further dampened the market sentiments as the Indian Rupee is under immense stress.
Domestic Factors
Domestic cues are adverse today taking a toll on the market due to the onset of earnings sessions. The market swings are high which is taking the market down today.
Another reason for the Indian stock market crash today is the midcap and smallcap indices are trading on a weaker note. These stocks are now eyeing the earnings session and thus are highly volatile. While Nifty midcap and Nifty smallcap outperformed Nifty 50 last year, by rising over 20% individually, today they are down in red.
All the sectoral indices are under pressure due to the earnings results as well. Currently, the Q3 results look pale which is again dragging the market down.
Sectoral Overview
All the sectors are trading in red. The nifty sectoral indices are mostly down by 1% and above.
The realty sector has been down by 5.23%, experiencing the biggest fall among the sectors today. Nifty Media and Nifty metals are following with over 2% dip in the indices. The PSU banks were in deep waters in the morning however, currently, the Nifty PSU bank indices are down by 1.76%.
Most Dragged Stocks
The stocks that are dragging the market the most include Torrent Power which has dipped over 5.12% followed by Adani Enterprise which is down by 4.41%, Appollo Hospital down by 3.75%, BPCL by 3.40% and Power Grid with 3.17%.
These five stocks have been pulling the market down mostly, and only 5 stocks of Nifty 50 are trading in green around 1:50 p.m. today. That too none of these stocks have gained over 1% in today’s session until now.
Overall Market
Sensex crashed down over 900 points now which is one of the biggest dip in the last seven months. Similarly, Nifty down over 1.25% lowest since June 2024 as well.
Source: MoneyControl
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