Stock Market: Sensex Settles Below 85,600 Mark; Nifty Dips Under 26,180 Level
New Delhi: India’s benchmark stock market indices Sensex and Nifty closed in red on Friday, September 27, 2024. The former settled 264 points lower at 85,571.85 levels, while, the latter closed slightly lower at 26,178.95. Among the Sensex pack, stocks like Tech Mahindra, Axis Bank, ITC, Bajaj Finance, Tata Motors, JSW Steel, Nestle, Ultra Cement, Adani Ports, etc were some of the laggards. Mostly banks and realty stocks disappointed.
Among the National Stock Exchange’s (NSE) thematic indices, media, realty and banks plunged in excess of 1%
In the broader market, Nifty Small Cap 100 closed 0.10% lower , while, BSE Small Cap closed in green While, global oil benchmark Brent Crude was buoyant and traded at $71.71 per barrel.
Asian Markets Trade Higher
Albeit, other Asian countries’ benchmark stock gauges like that of Shanghai, Hong Kong and even Tokyo ended the day's trading session in positive territory.
Earlier this week, Chinese Central Bank, 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 said 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 fueled Asian stock markets. Ever since Gongsheng’s statements were out, China and its Asian peers’ market gauges have continued to show buoyancy.
Sensex, Nifty Had Opened In Green In Early Morning Trade
Earlier on Friday, during the early morning trade, India’s benchmark stock market indices Sensex and Nifty had a positive start. The former opened in green at 85,893.84 points while the latter at 26,248.25 levels. Among the Sensex pack, stocks like Sun Pharma, Infosys, HCL Tech, Tata Steel, TCS, IndusInd Bank, NTPC, Adani Ports were some of the stocks which traded in green. Mostly IT, metal and consumer durable stocks were buoyant.
