Sensex Plunges 876 Points Amid Market Selloff
The BSE Sensex index closes 876 points lower on Monday.
Key Highlights
Indian markets tumbled on Monday with the Sensex falling 876 points, driven by geopolitical tensions, weak IT and banking stocks, and derivative expiries.
Indian equity markets witnessed strong selling pressure on Monday, with both the Nifty and the Sensex closing over a percent lower amid concerns over escalating tensions in the Strait of Hormuz. Heavyweight stocks in the IT and banking sectors acted as major laggards, while trader cautiousness also prevailed ahead of the expiry of Nifty weekly derivatives contracts and a holiday on account of Dussehra.
Key Index Moves And Sectoral Trends
The Sensex ended at 73852.90, down by 876.37 points or 1.17% after trading in a range of 73708.54 and 74849.75, with 5 stocks advancing against 25 stocks declining on the index according to provisional data. Sectoral indices faced sharp contractions across the board during the session.
- FMCG index fell 1.51%
- IT index dropped 1.38%
- TECK index declined 1.30%
- Basic Materials index slipped 1.28%
- Realty index decreased 1.23%
Top Movers And Economic Data
Despite the broader market downturn, select counters managed to post gains on the index alongside notable updates on macroeconomic indicators and bilateral meetings.
- State Bank of India shares gained 1.12%
- Adani Ports and Special Economic Zone shares rose 1.07%
- India’s forex kitty dropped by $8.57 billion to $726.02 billion during the week ended October 9
- in the previous reporting week had dropped by $12.95 billion to $734.60 billion
On the global front, European stocks traded lower due to high energy prices and political instability in France, while Asian markets followed negative cues from Wall Street amid a sharp rise in crude oil prices and a sell-off in technology and semiconductor stocks.