February 28, 2023
New Delhi, India
Indian Stock Market Highlights: Sensex and Nifty Drop
In a tumultuous day for Indian investors, the benchmark indices, Sensex and Nifty, plunged significantly on February 28, 2024. This decline came amidst a backdrop of growing concerns over global economic stability.
Key Highlights:
Sensex and Nifty Downturn: The Sensex plummeted by 790.34 points, or 1.08%, closing at 72,304. Similarly, the Nifty recorded a decline of 247.10 points, or 1.11%, settling at 21,951. The market downturn was widespread, affecting both large-cap and mid-cap stocks.
Sectoral Performance: Most sectors experienced losses, with notable declines in power, automobile, steel, and cement stocks. Only realty and healthcare sectors managed to stay afloat amidst the market turmoil.
Global Influence: The Indian market mirrored the cautious sentiment prevailing in global markets. Worries over US inflation data and the Federal Reserve’s monetary policy stance weighed heavily on investor confidence. European and US markets also exhibited signs of weakness, with futures pointing to further losses.
Also Read: UK And Japan’s Recession: Why Major Economies Are Facing Economic Downturn?
FIIs and DIIs Activity: Foreign institutional investors (FIIs) were net sellers, disposing of shares worth ₹1,509.16 crore, while domestic institutional investors (DIIs) adopted a contrasting approach, buying stocks worth ₹2,861.56 crore. This divergence in activity reflects the mixed sentiment prevailing among investors.
Crude Oil Prices: The decline in crude oil prices further contributed to market concerns, with both US crude and Brent crude experiencing drops. This decline could signal subdued global demand or apprehensions regarding economic growth prospects.
Closure:
The sharp decline in the Indian stock market today underscores the challenges posed by ongoing global economic uncertainties. As investors remain cautious, attention is firmly focused on key economic indicators, particularly US inflation data, and central bank policies. Navigating these volatile market conditions requires a judicious approach, with a keen eye on both domestic and international developments.
Also Read Our Latest Blog: 5 Essential Financial Ratios Every Indian Stock Investor Should Understand
Also Check Analysis on: Rupee vs Dollar
Disclaimer:
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