Stock market today: BSE Sensex and Nifty50, the Indian equity benchmark indices, opened in red on Friday. While BSE Sensex declined over 378 points, Nifty50 was near 24,124.10 with a 0.29 per cent decline. At 9:28 AM, BSE Sensex was trading at 79,342.52, down 199.27 points or 0.25 per cent. Nifty50 was at 24,090.30, down 66 points or 0.27 per cent.
On Thursday, the benchmark Sensex dropped by 836 points or 1.04 per cent as investors adopted a cautious stance ahead of the US Fed reserve’s policy decision, trading majorly in banking and auto stocks.
The BSE Sensex settled at 79,541.79 after it tumbled 958.79 points or 1.19 per cent to 79,419.34 during the day. The dip in the 30-share Sensex pack was attributed to Tata Motors, Tech Mahindra, UltraTech Cement, JSW Steel, Sun Pharma, Asian Paints, IndusInd Bank and ICICI Bank who emerged as major losers.
State Bank of India emerged as the only gainer from the Sensex pack.
The NSE Nifty also finished at 24,199.35 after falling 284.70 points or 1.16 per cent.
The market trend continued to dampened on Wednesday with the disappointing second quarter results and persistent selling by foreign institutional investors who offloaded equities worth Rs 4,445.59 crore, according to exchange data.
“The domestic market ended with a deeper cut while eroding the previous day’s gains.
Vinod Nair, Head of Research, Geojit Financial Services, said, “The broader market saw a widespread sell-off as optimism over Trump’s election victory waned. However, investors are now shifting their attention to the upcoming Fed policy meeting and domestic public outlay, which are anticipated to offer more insight into the future trade path.”
A total of 2,134 stocks declined while 1,821 advanced and 98 remained unchanged on the Bombay stock exchange.
“With the focus now on the U.S. Fed post-election, markets are expected to react to the outcome of the FOMC meeting and the Fed Chair’s commentary,” Ajit Mishra – SVP, Research, Religare Broking Ltd said.