The Indian stock market experienced a significant downturn on Thursday, November 28, 2024, as both major indices, the BSE Sensex and the NSE Nifty, saw sharp losses during the afternoon trading session. The Sensex dropped by 1,163.92 points, or 1.45%, settling at 79,070.16, while the Nifty lost 356.55 points, or 1.47%, falling to 23,918.35 at 2:50 PM IST.
This marked a continuation of the volatility that has gripped global markets in recent weeks, particularly influenced by domestic and international economic concerns. Among the companies listed on the Sensex, Infosys, Mahindra & Mahindra, Bajaj Finance, HCL Technologies, and Titan were the worst-hit. Infosys saw the steepest decline, falling by 3.49% to ₹1,857.00. Similarly, Mahindra & Mahindra and Bajaj Finance also experienced notable losses, with their stocks down by 3.18% and 2.60%, respectively.
The market slump was led by a broad-based sell-off across various sectors. The Nifty IT index saw the largest fall, with a 2.33% decline, followed by Nifty Auto, Private Banks, and Consumer Durables, which dropped by 1.49%, 1.11%, and 1.11%, respectively. These declines reflect mounting investor concerns, driven by global uncertainties surrounding factors like the upcoming US Federal Reserve decisions and their potential impact on the Indian economy.
Experts like Dr. VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services, have pointed out that while the market is facing short-term volatility, broader economic fundamentals, including US growth trends and inflation, will eventually steer the market’s direction. “The market could remain cautious until clarity on US economic policies emerges,” he said, noting that investors are currently on edge due to these global economic factors.
As the market grapples with these fluctuations, investors will be closely watching upcoming developments, including the US Federal Reserve’s interest rate decisions and their effects on foreign investments into India.
