Sensex Crashes 1,080 Points, Nifty Sinks Below 24K - Here’s Why

5paisa Research Team

Last Updated: 28th November 2024 - 05:06 pm

The domestic equity markets witnessed a sharp decline on Thursday, November 28, after starting on a flat note. By 3:26 PM, the S&P BSE SENSEX was down 1,080.23 points, or 1.35%, at 79,153.85. The NSE NIFTY50 index dropped 324.60 points, or 1.34%, to 23,950.30.

Of the 50 stocks on NIFTY50, 27 were trading in the red, while 23 remained in the green. Profit-booking in blue-chip stocks such as Infosys, TCS, M&M, Reliance, ICICI Bank, and HDFC Bank triggered the sell-off.

As technology stocks fell on Thanksgiving Eve due to concerns that the Federal Reserve may be hesitant about rate reduction following persistently strong US inflation statistics, Wall Street's major indexes closed down on Wednesday, with the Nasdaq leading falls.

In the U.S., the S&P 500 fell 0.38% to 5,998.78, the Nasdaq slipped 0.59% to 19,061.78, and the Dow Jones dropped 0.31% to 44,723.23. Weak forecasts from Dell and HP, which fell 12% and 6%, respectively, dragged the tech sector lower by 1.2%.

The BSE Information Technology index was trading 2.23% lower at 42,670.01. Auto stocks also came under pressure, with the BSE Auto index down 1.26% at 52,476.88.

Key losers in the auto sector included M&M, down nearly 3.3%, Eicher Motors, down around 1.39%, and Samvardhana Motherson, which slipped 1%.

Markets struggled to sustain the momentum gained after the election results and failed to hold the crucial resistance level of 24,350, further weakening sentiment.

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