- By Aditya Pratap Singh
- Mon, 30 Sep 2024 04:10 PM (IST)
- Source:JND
Stock Market: The Domestic benchmark indices suffered heavy losses amid selling pressure. Nifty 50, the index of top 50 shares on NSE, settled at 25,810.85, down 1.4% or 368 points. While Sensex, the index of the top 30 stocks on BSE, tanked 1,272 points to close at 84,299.78, down 1.49%.
Among the 30 Sensex companies, Reliance Industries and Axis Bank lost more than 3 per cent. Nestlé, ICICI Bank, Mahindra & Mahindra, Tech Mahindra, Bajaj Finserv, Maruti, State Bank of India, and Tata Motors were the other major laggards.
In contrast, JSW Steel, Tata Steel, NTPC, Titan, and Asian Paints were the gainers.
In Asian markets, Seoul and Tokyo closed with significant losses, while Shanghai and Hong Kong ended significantly higher. Japan’s benchmark Nikkei 225 index climbed almost 5% on Monday. The Shanghai Composite Index rose 8% in response to the announcement of new stimulus measures.
Also Read: Stock Market: Sensex Plunges 1,200 Points, Nifty Settle Below 25,850
Trading was sluggish in the European market. On Friday, U.S. markets ended on a mixed note. According to exchange data, foreign institutional investors sold equities worth Rs 1,209.10 crore on Friday.
Indian currency declines 11 paise
The rupee declined 11 paise to 83.80 (provisional) against the US dollar on Monday, tracking a 1% fall in equity markets amid volatile crude oil prices and foreign fund outflows. However, a weaker greenback against major currencies supported the local unit, forex traders said, while investors remained on the sidelines awaiting cues from domestic macroeconomic data due this week.
At the same time, they said, monetary and fiscal stimulus announced by China led to the withdrawal of foreign capital as investors preferred the better-performing Chinese market.
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(With PTI's Input)