The Sensex finished the day down by 636 points, equivalent to a decrease of 0.78 percent, closing at 80,737.51. Meanwhile, the Nifty 50 ended at 24,542.50, which is a drop of 174 points, or 0.70 percent. The decline was influenced by worries regarding elevated valuations, outflows of foreign capital, and unpredictable US trade policies, all occurring in the context of lackluster Q4 results.
The Indian stock market experienced considerable declines on Tuesday, June 3, influenced by weak global indicators and increasing worries regarding inflated valuations and the outflow of foreign capital.
The Sensex began trading at 81,492.50, compared to its previous close of 81,373.75, and plummeted nearly 800 points, or 1 percent, reaching an intraday low of 80,575.09. Conversely, the Nifty 50 opened at 24,786.30 against its last close of 24,716.60 and also fell nearly 1 percent to an intraday low of 24,502.15.
In conclusion, the Sensex ended the day down 636 points, or 0.78 percent, at 80,737.51, while the Nifty 50 closed at 24,542.50, a decrease of 174 points, or 0.70 percent, marking the third consecutive session of losses.
The BSE Midcap and Smallcap indices closed lower by 0.52 percent and 0.07 percent, respectively.
The total market capitalisation of companies listed on the BSE fell to approximately ₹443 lakh crore from ₹445.50 lakh crore in the prior session, resulting in a loss of about ₹2.50 lakh crore for investors in just one session.
As per Rupak De, Senior Technical Analyst at LKP Securities, investors are looking for a clear statement regarding the RBI's interest rate decision.
"Immediate support is positioned at 24,500. A drop below this threshold may lead to an increase in short positions, which could cause a rapid decline towards 24,000. Conversely, if the Nifty remains above 24,500, it might experience a recovery towards the 24,700–24,750 range in the short term," De stated.
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