Sensex records 100-point drop, Nifty below 21,450 amidst market volatility

Image Source : FILE Business stock exchange building.

Both key equity indices, Sensex and Nifty, experienced a downward trend marked by considerable volatility today in the stock market. At 10 am, the BSE Sensex witnessed a decline of 109 points, reaching 71,375, while the NSE Nifty50 traded at 21,440, marking a decrease of 17 points. Among the 30-share Sensex components, stocks like ICICI Bank, ITC, PowerGrid, IndusInd Bank, JSW Steel, and Axis Bank faced a dip. Conversely, Sun Pharma, Reliance, Titan, Bajaj Finance, HUL, and Wipro were early gainers in the market. Notably, JSW Steel observed a decline of over 3 percent due to the controversy surrounding JSW Group chief Sajjan Jindal.

Examining sectors, the pharmaceutical index exhibited a positive trend with a 1 percent rise. However, sectors such as banking, power, and realty experienced some selling pressure.

Looking at the Asian markets, Japan’s Nikkei recorded a decline of over 1 percent a day ahead of the Bank of Japan’s monetary policy decision. Hang Seng also marked a nearly 1 percent drop, while Shanghai and Kospi slipped around 0.5 percent each.

In the previous session on Friday, the S&P BSE Sensex demonstrated a substantial increase of 970 points, closing at 71,484. Simultaneously, the NSE Nifty50 concluded at 21,457, reflecting a gain of 274 points.

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