Sensex drops 585 points, Nifty declines 173 points

Image Source : FILE Business stock exchange building.

In the early hours of trading, the stock market witnessed a downturn as the Sensex plummeted by 585.92 points, reaching 69,920.39. Simultaneously, the Nifty experienced a decline of 173.35 points, settling at 20,976.80. The dip in both benchmark indices reflects the prevailing market dynamics, influenced by factors such as global economic trends, geopolitical events, and domestic economic indicators. Investors are closely monitoring the situation as market movements continue to unfold throughout the trading session.

This early trade downturn prompts analysts to assess the broader economic landscape, considering potential drivers behind the market fluctuations. ​

Thursday’s trading session commenced on a weak note for benchmark stock market indices as concerns over escalating COVID-19 cases stirred unease among investors, prompting profit booking.

As of 9:16 am, the S&P BSE Sensex experienced a 0.58% decline, settling at 70,090.11, while the NSE Nifty 50 witnessed a 0.62% drop, reaching 21,022.75. 

Broader market indices reflected the heightened volatility, with smallcaps and midcaps trading in negative territory. Several major Nifty sectoral indices faced early pressure, with Nifty Bank and Nifty Financial Services each witnessing nearly a 0.8% decline. Conversely, Nifty Media emerged as the top gainer among sectoral indices, rising over 2%.

On the Nifty 50, the top gainers included Power Grid, Adani Ports, Adani Enterprises, LTIM, and ONGC. In contrast, Axis Bank, Bajaj-Auto, Cipla, LT, and Sun Pharma were among the top drags.

Wednesday’s surprise downturn, leading to a 1.3% fall in the Sensex and a 1.4% decline in Nifty just before the closing bell, marked one of the worst sessions for both benchmark indices after reaching fresh record highs in early trade.

Market analysts attribute the recent market momentum shift to the surge in Covid cases, not only in India but also in countries like the US and UK, causing uncertainty and subsequent profit booking. 

Also read | Stock markets: Sensex, Nifty fall sharply after hitting fresh all-time high levels

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