Heavy fall in stock market due to all-round selling, Sensex dives by 964.15 points

Stock Market Close: The domestic stock market closed with a huge fall due to global selling after the US central bank Federal Reserve Bank cut interest rates by 0.25% for the third consecutive time. At the end of trading, the main sensitive index of Bombay Stock Exchange (BSE) Sensex plunged by 964.15 points or 1.20% to reach 79,218.05 points. National Stock Exchange (NSE) Nifty also closed at 23,954.55 points with a big fall of 244.30 points or 1.01%.

Stock market fell due to Federal Reserve Bank’s interest rate cut

According to Vinod Nair, Head of Research, Geojit Financial Services, “There was an all-round decline in the stock market after the global selloff due to the aggressive stance of the US Central Federal Reserve Bank on interest rates. Interest rate sensitive sectors like banking and real estate suffered huge losses. However, the Bank of Japan’s decision to keep interest rates steady surprised economists, which helped ease selling pressure. Despite this, investors remained cautious amid ongoing selling by foreign institutional investors (FIIs) and a strategic shift towards defensive sectors like pharma.

Big loss to Bajaj Finance and Asian Paints

At the end of stock market trading, shares of 27 out of 30 companies of BSE Sensex fell. Of these, Bajaj Finance suffered the biggest loss. However, shares of Sun Pharma, Hindustan Unilever and Power Grid closed with gains. Its shares fell 2.50% and closed at Rs 1590 per share. Out of 50 shares of NSE Nifty, 46 shares fell, while four shares remained in the rise. Asian Paints suffered the biggest loss. Its shares fell by 3.17% to Rs 2271 per share. Other stocks with losses include Mahindra & Mahindra, Bajaj Finserv, Bajaj Finance and Tata Steel. Shares in profit include Dr Reddy’s, Bharti Airtel, Tata Consumer Services and ITC.

Strong decline in other markets of Asia also

Talking about other markets in Asia, Japan’s Nikkei 225, Hong Kong’s Hang Seng, South Korea’s Kospi and China’s Shanghai Composite also closed with a sharp decline. There is also a decline in American and European markets. In the global oil market, Brent crude is trading 0.40% lower at $ 72.99 per barrel.

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