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Stock market plunge: Sensex drops 570 points, Nifty falls by 160 points

The central bank's decision, coupled with its commitment to a potential rate hike later this year, triggered a negative sentiment in the Indian stock market.

Edited By: Nitin Kumar New Delhi Updated on: September 21, 2023 16:23 IST
Sensex
Image Source : PTI/FILE PHOTO Business stock exchange building

Indian domestic equities experienced a downward trend for the third consecutive session on Thursday, influenced by the decision of the US Federal Reserve to maintain the policy rate at its current level. The central bank's decision, coupled with its commitment to a potential rate hike later this year, triggered a negative sentiment in the Indian stock market.

The benchmark BSE Sensex recorded a decline of 570.60 points, equivalent to 0.85 percent, closing at 66,230.24 points. Similarly, the NSE Nifty 50 also ended the day on a negative note, with a loss of 159.05 points or 0.80 percent, settling at 19,742.35 points.

Among the sectors affected the most during the trading session, private bank stocks witnessed the most significant decline, with the index falling by 1.53 percent. Notable private banks, including ICICI Bank, which saw a decline of approximately 3 percent, and HDFC Bank, which experienced a decrease of around 0.60 percent, contributed to this downward trend.

The broader market indices also reflected the bearish sentiment, as Nifty Smallcap 50 registered a decline of 1.38 percent, Nifty Smallcap 250 slipped by 1.11 percent, Nifty Smallcap 100 tanked by 1.34 percent, Nifty Midsmallcap 400 fell by 0.95 percent, and Nifty Microcap 250 recorded a decrease of 0.93 percent.

Investor sentiment in the Indian stock market remains cautious as global economic developments, especially decisions by central banks like the US Federal Reserve, continue to influence trading patterns.

Also read |?Markets face sharp decline as Sensex and Nifty register significant losses

Also read |?Sensex Nifty today: Indian rupee rises 6 paise against US dollar in early trade

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