Equity benchmark indices Sensex and Nifty slumped over 2 per cent each on Thursday as investors trimmed their risk exposure amid escalating tensions in West Asia. Losses across all sectors weighed heavily on key indices.
The markets also came under pressure on concerns over foreign portfolio investors (FPIs) pulling out from India to invest in China, where valuations are attractive, analysts said. FPIs sold shares worth ₹26,879 crore in the past three days amid a sharp 30 per cent rebound in China markets from their lows in September. Investor wealth worth ₹9.8 trillion was wiped out as the market capitalisation (mcap) dropped to ₹465 trillion.
The Sensex declined 2.1 per cent, or 1,769 points, to end at 82,497. The Nifty 50 index plunged 547 points to settle at 25,250, a 2.1 per cent drop.
The Nifty posted its third biggest fall of the year, after June 4 and August 5, when the shock verdict of the Lok Sabha elections and concerns over the reversal of yen carry trade and disappointing jobs data had rattled markets.
This story is from the October 04, 2024 edition of Business Standard.
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This story is from the October 04, 2024 edition of Business Standard.
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