Nifty Index Falls Below 23,600 Amidst Ongoing Market Sell-off
Nifty trades below 23,600 level as intense selling continues on domestic bourses
Business Standard
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The Nifty 50 index fell by 249 points to 23,566.85, while the S&P BSE Sensex dropped 916.55 points to 75,098.73 due to factors like rupee depreciation and rising crude oil prices. Despite this, the broader market showed resilience with more stocks advancing than declining.
- 01Nifty 50 index declined by 1.05% to 23,566.85.
- 02S&P BSE Sensex fell by 1.21% to 75,098.73.
- 03Public sector bank report predicts India's GDP growth at 6.6% for FY27.
- 04Nifty Oil & Gas index rose by 0.67% due to value buying.
- 05Aurionpro Solutions and Indian Hotels Company reported significant profit increases.
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The domestic equity markets continued to face pressure as the Nifty 50 index fell 249 points or 1.05% to 23,566.85, while the S&P BSE Sensex dropped 916.55 points or 1.21% to 75,098.73. Factors contributing to this decline included the weakening of the Indian rupee, sustained foreign fund outflows, and elevated crude oil prices, alongside renewed concerns regarding the U.S.-Iran ceasefire. In contrast, the broader market showed some resilience, with 2,666 shares rising against 1,480 shares that fell on the BSE. A public sector bank's research report projected India's GDP growth at 6.6% for FY27, down from 7.5% in FY26, indicating a resilient economy despite global uncertainties. The report emphasized the importance of addressing balance of payments pressures and called for measures to enhance productivity through AI integration. In sector-specific movements, the Nifty Oil & Gas index advanced by 0.67% as value buying emerged, with notable gains from Oil India and Oil & Natural Gas Corporation. Meanwhile, Aurionpro Solutions and Indian Hotels Company reported significant increases in their net profits for Q4 FY26, with growth rates of 22.2% and 14.84%, respectively.
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The decline in the Nifty index and Sensex could affect investor confidence and lead to increased volatility in the stock market, impacting individual investors and retirement savings.
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