Indian stock markets end the day sharply in red

9 May 2024 , 03:46 PM

On May 9, benchmark indices experienced a significant downturn, with the NSE Nifty 50 slipping below the 22,000 mark and the BSE Sensex plummeting by over 1,000 points. Both indices opened the day on a downward trajectory and continued to decline, dropping over 1% intraday.

The Sensex and Nifty reached their lowest levels in two months as a broad-based decline swept across the market, causing frontline indices to tumble by 1-2%. The 30-share BSE Sensex saw a decline of 1,060.45 points or 1.44%, settling at 72,405.94, while the NSE Nifty dipped by 335.40 points or 1.50%, concluding at 21,967.10.

The continued decline observed in the market extends to the fifth consecutive day, attributed to various factors including ongoing elections, weak Q4 results, and the upward trend in crude oil prices.

The weakness was particularly evident in the broader markets, with the Midcap Index witnessing a significant drop of 1,000 points, indicating a strong preference for declines in market breadth.

Among the major gainers from the Sensex basket were Tata Motors, Mahindra & Mahindra, HCL Technologies, State Bank of India, and Infosys. On the other hand, Larsen & Toubro, Asian Paints, ITC, JSW Steel, and NTPC emerged as the biggest laggards amidst the market downturn.