Indian Equity Markets Face Major Losses Amid Volatility
Benchmarks trade with major losses; PSU Bank shares slides
Business Standard
Image: Business Standard
Indian equity benchmarks experienced significant losses due to heightened volatility from state election exit polls, rising oil prices, and a weakening rupee. The S&P BSE Sensex fell by 471.51 points (0.61%) to 77,024.85, while the Nifty 50 dropped 161.55 points (0.68%) to 24,015.25.
- 01S&P BSE Sensex dropped by 471.51 points (0.61%).
- 02Nifty 50 index fell 161.55 points (0.68%).
- 03PSU Bank index declined 1.91% amid broader market losses.
- 04Foreign institutional investors continued selling, adding to market pressure.
- 05The rupee weakened to 94.12 against the dollar.
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In mid-afternoon trading, Indian equity benchmarks faced substantial losses, driven by volatility from state election exit polls and surging oil prices. The S&P BSE Sensex plummeted by 471.51 points (0.61%) to 77,024.85, and the Nifty 50 index fell 161.55 points (0.68%) to 24,015.25. The broader market also suffered, with the BSE 150 MidCap Index down 0.89% and the BSE 250 SmallCap Index down 0.54%. The market breadth was negative, with 2,579 shares declining against 1,517 advancing. The Nifty PSU Bank index saw a notable decline of 1.91%, with major banks like Indian Bank and Bank of India experiencing significant drops. The rupee weakened to 94.12 against the dollar, compounding market concerns. Additionally, Brent crude oil prices rose to $111.57 per barrel, further impacting investor sentiment.
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The decline in equity markets can affect investor confidence and may lead to increased volatility in personal investments and retirement funds.
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