Share Market Opening Bell: Stock market busts due to selling; Sensex-Nifty fall drastically

New Delhi| The domestic stock market crashed as soon as it opened on Thursday due to the US Fed’s forecast of a low cut in interest rates next year and selling dominating for the fourth consecutive day. A huge decline was seen in Sensex and Nifty in early trade itself. Sensex fell by 1,162.12 points in early trade to reach 79,020.08 points. Similarly, Nifty also slipped by 328.55 points to 23,870.30 points.

Investors suffered huge losses due to the decline in early trading on Wednesday. The market cap of companies listed on BSE dropped by Rs 5.94 lakh crore to Rs 446.66 crore amid the market selling environment.

Foreign institutional investors (FIIs) were selling on Wednesday and sold shares worth a net Rs 1,316.81 crore, according to stock market data. Let us tell you that yesterday Sensex had closed at 80,182.20 with a fall of 502.25 points or 0.62 percent and Nifty had closed at 24,198.85 with a fall of 137.15 points or 0.56 percent. Investors have lost more than Rs 12 lakh crore due to the ongoing decline for the last four days.

In fact, the Indian stock market saw a decline in America due to the Fed’s estimate of a lower cut in interest rates. The UEd Fed projects a 0.25 percent interest rate cut next year. US stock markets suffered their biggest fall of the year on Wednesday after the US Fed’s decision to cut interest rates. The S&P 500 fell to 2.9 percent, while the Dow Jones Industrial Average fell to 1,123 points, or 2.6 percent. Asian markets traded with a decline on Thursday after a fall in Wall Street. The effect of this is now being seen on the Indian markets also.

A decline was recorded in early trade in domestic markets Sensex and Nifty. A weak global trend weighed on markets after the US Federal Reserve signaled lower interest rate cuts next year. BSE Sensex fell to 79,020.08 points in early trade. Whereas NSE Nifty stood at 23,870.30 points. Shares of all 30 companies listed in the Sensex were in loss. Shares of Infosys, State Bank of India, Tata Steel, Asian Paints, JSW Steel, Bajaj Finserv, Bajaj Finance and Mahindra & Mahindra fell the most.

The rupee fell 12 paise in early trade to reach its all-time low of 85.06 against the US dollar. The rupee opened on a weak note in the interbank foreign exchange market and crossed the 85.00 level against the dollar. Earlier on Wednesday, the rupee had closed at 84.94 against the US dollar.