Stock market crash today: Terrible Thursday! BSE Sensex plunges over 1,000 points; Nifty50 below 22,000 as bears attack D-Street
Stock market crash today: Terrible Thursday! BSE Sensex plunges over 1,000 points; Nifty50 below 22,000 as bears attack D-Street
Stock market crash today: BSE Sensex and Nifty50, plunged in trade on Thursday as bears went on a rampage on the Dalal Street. While BSE Sensex crashed over 1,000 points, Nifty50 went below 22,000. At 3:08PM, BSE Sensex was trading at 72,444.76, down 1,022 points or 1.39%. Nifty50 was at 21,966.40, down 336 points or 1.51%.
Commenting on the markets, Dr. V K Vijayakumar, Geojit Financial said, “A major trend in the market now is the aggressive selling by FIIs, which has touched to Rs 15863 crores so far this month. Though DIIs are buying they are not as aggressive as they were due to some concerns surrounding election results. For long-term investors, this is an opportunity to buy high quality large caps driven down by FII selling. Previous episodes of FII selling turned out to be good buying opportunities.”
On Wednesday, domestic markets ended the day on a flat note as persistent selling by foreign institutional investors (FIIs), mixed fourth-quarter results, and lower voter turnout in the ongoing elections kept investors cautious.
“We expect the market to consolidate in a broader range amid nervousness surrounding the ongoing Lok Sabha election,” said Siddhartha Khemka, Head – Retail Research, Motilal Oswal.
The short-term market trend remains weak, but there are indications of a higher bottom formation around the 22,200 level. A confirmation of a reversal from this point could lead to a short-term upside bounce in the market. The immediate support level is at 22,200, while the next overhead resistance is at 22,500, according to Nagaraj Shetti of HDFC Securities.
In the United States, the Dow Jones Industrial Average extended its winning streak to six consecutive sessions, closing above 39,000 points for the first time in five weeks. Investor confidence remained strong as they continued to rely on accommodative U.S. monetary policies. The S&P 500 ended flat, while the Nasdaq slipped 0.18%.
Asian markets opened mixed on Thursday, with Asian bonds falling in response to selling pressure in Treasuries during the previous session, which supported the dollar. S&P 500 futures were little changed, while Hang Seng futures rose 0.3%. Japan’s Topix gained 0.4%, and Australia’s S&P/ASX 200 fell 0.4%. Euro Stoxx 50 futures were up 0.4%.
Oil prices increased in early Thursday trading as shrinking U.S. crude inventories indicated tighter supply and rising hopes that the Federal Reserve would cut interest rates by the end of the year. Brent crude futures for July rose 23 cents to $83.81 a barrel, while U.S. West Texas Intermediate crude for June was up 29 cents at $79.28 per barrel.
FIIs were net sellers on Wednesday, offloading shares worth Rs 6,669 crore, while domestic institutional investors (DIIs) bought shares worth Rs 5,928 crore. The rupee settled flat at 83.51 against the US dollar, as the support from easing crude oil prices was offset by strong dollar demand.
Several companies, including SBI, Asian Paints, BPCL, and Indian Overseas Bank, are set to announce their fourth-quarter earnings on Thursday.
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