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Saturday, February 24, 2024

Sensex Drops 232 points at market close; Nifty closes below 19,550; and IGL Drops 12%


<p>Following the 10-year US Treasury bond rates crossing the 5% level on Friday, the equities market remained in the negative territory, reflecting the bad mood seen internationally. A recent increase in the price of Brent Crude Oil over the $93 mark further dampened the mood.<img decoding=”async” class=”alignnone wp-image-246351″ src=”https://www.theindiaprint.com/wp-content/uploads/2023/10/theindiaprint.com-spiritual-leader-bangaru-adigalar-dies-after-opening-temple-doors-to-women-fotojet.png” alt=”theindiaprint.com spiritual leader bangaru adigalar dies after opening temple doors to women fotojet” width=”1545″ height=”1042″ srcset=”https://www.theindiaprint.com/wp-content/uploads/2023/10/theindiaprint.com-spiritual-leader-bangaru-adigalar-dies-after-opening-temple-doors-to-women-fotojet.png 700w, https://www.theindiaprint.com/wp-content/uploads/2023/10/theindiaprint.com-spiritual-leader-bangaru-adigalar-dies-after-opening-temple-doors-to-women-fotojet-150×101.png 150w” sizes=”(max-width: 1545px) 100vw, 1545px” title=”Sensex Drops 232 points at market close; Nifty closes below 19,550; and IGL Drops 12% 6″></p>
<p>After reaching a low of 65,309, the S&P BSE Sensex showed lackluster activity for the remainder of the day, with buying observed in private banking shares and selling noted in FMCG and metal sectors. Finally, the Sensex dropped 232 points to close at 65,398. The BSE benchmark has lost 1,031 points in the previous three consecutive trading sessions as a result.</p>
<p>The NSE Nifty 50 reached a low of 19,519 before settling at 19,543 after losing 82 points.</p>
<p>ITC and Hindustan Unilever, two of the Senesex 30’s biggest FMCG companies, had their shares fall by 3% and 2%, respectively, the day after they released their Q2 results. Tata Steel too saw a 2% decline.</p>
<p>Other notable loses were SBI, Power Grid, Axis Bank, JSW Steel, Larsen & Toubro, and Mahindra & Mahindra. On the other hand, Kotak Bank had a rise of around 2%. NTPC, IndusInd Bank, and TCS all saw notable gains in performance.</p>
<p>The BSE MidCap index lost 1% in the overall market, while the SmallCap index fell 0.8%.</p>
<p>The US 10-year yield, which is now hovering around 5%, continues to be a barrier for stock markets, according to Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services. Even while the market now pays little attention to the unstable situation in West Asia, there may be further difficulties in the near future. FPIs are anticipated to continue selling, which will put pressure on the banking equities that make up the majority of their AUM. Domestic investors now have the chance to purchase these equities, which are being offered at reasonable prices. According to the most recent statistics, India’s output of food grains is at an all-time high, which may help to curb food inflation. The MPC will likely take a lengthy break, which is good for financial stocks, the implication is.</p>
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