New Delhi: : India’s benchmark stock market indices Sensex and Nifty cause bloodbath on Dalal Street as the 30 constituent index plunged in excess of 1,100 points while, the 50 issues index dragged in excess of 1% during afternoon trade on Monday, September 30, 2024. The former has dipped below the coveted 85,000 mark while the latter plunged below the 26,000 levels. Earlier in the day, Sensex opened in red at 85,208.76 points while the latter at 26,061.30 levels. Among the Sensex pack, stocks like ITC, Adani Ports, L&T, Adani Ports , Kotak Mahindra Bank, SBI, HDFC Bank, Maruti, Bharti Airtel, Nestle, Ultra Cement were some of the stocks which traded in red in the opening trade. Mostly realty and IT stocks were draggers.
Among the National Stock Exchange’s (NSE) thematic indices, IT, realty, auto, banks ,etc all traded in red in the early morning trade.
Dark Clouds of Middle East Tension Weight On Stock Markets
The market gauges came under pressure on Monday in the backdrop of ongoing tension in the middle east. Other Asian markets like that of Japan also plunged on Monday. Global oil benchmark Brent Crude, on the other hand, was up 0.33% and traded at $72.31 per barrel. While, On Friday, the US benchmark indices had closed flat.
China Stock Market Gauges Continue Uptrend
Albeit, other Asian countries’ benchmark stock gauges like that of Shanghai and even Hong Kong continued to trade in positive territory on Monday as well after former’s Central Bank ‘People’s Bank of China’ had vowed to cut key policy interest rates last week. Ever since the proposale were made, China and Hong Kong’s benchmark indices have continued to show buoyancy.
Last week, 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 had said that 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 fuelled Asian stock markets.
India’s benchmark stock market indices Sensex and Nifty had closed in red on Friday, September 27, 2024 as well. The former settled 264 points lower at 85,571.85 levels, while, the latter closed slightly lower at 26,178.95.