TamilToday’s Market Update: Sensex Takes a Dip by 800 Pts, Nifty Below 26,000 – Time to Invest?
30 September 2024, 2:23 pm
30th September 2024: The Indian stock market began the day with a drop, with Nifty falling below 26,000 at 25,926 and the BSE Sensex losing 800 points to close at 84,706. Investors are left wondering: is this the right moment for buyers to step in?
What’s happening with Sensex and Nifty?
Dr. V. K. Vijayakumar, a market expert at Geojit Financial Services, speculates that we might be entering a stabilization phase. He observed that international investors are now concentrating on Chinese stocks, which had a sharp 18% increase in the Hang Seng index in September, with a recovering Chinese economy.
Major sector falls, particularly in information technology and banking equities, were the reason behind today’s market collapse. Top Sensex draggers were Reliance Industries, ICICI Bank, HDFC Bank, Axis Bank, and Bharti Airtel, all of which had declines of about 2%.
Despite these difficulties, Dr. Vijayakumar gives investors confidence that local investors can tolerate pressure from foreign institutional investors (FIIs) to sell. A lot of outstanding large-cap equities are now fairly valued, therefore he advises investors to consider purchasing them during these drops.
Understanding Market Shifts: What You Need to Know Before Investing
Today’s market is influenced by several elements. An increase in uncertainty was reflected in the 6% rise in the India VIX, an indicator of volatile markets. Among the few positive notes, Reliance Infrastructure saw a boost of 2% after winning an arbitration case, and rice stocks surged by 5% as the government exempted export duties.
Even though the BSE SmallCap index is down 0.75% and the MidCap index is down 0.81%, the overall market is struggling, but some industries, such as consumer durables and metals, are holding up well. Consumer durable stocks are unchanged while the Nifty Metal index is up 1.66%.
In conclusion, even while there is some volatility in the market, wise investors may be able to take advantage of the opportunity. Do you think it’s time to take action?
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