Taking a major decision on Wednesday, the US Federal Reserve announced the second consecutive cut in interest rates of the year. After this, while Asian markets witnessed gains, Nifty was also trading in the green. Expectations were high from the Indian market, but the opposite happened. On Thursday, the fourth trading day of the week, both the Sensex and Nifty indices crashed as soon as they opened. From Reliance and Airtel to Tata Steel, shares of major companies were trading in the red.
Sensex falls 250 points, Nifty below 26,000
As the stock market opened, BSE Sensex opened at 84,750.90, down from the previous closing level of 84,997.13, and then suddenly fell 450 points to trade at 84,547. On the other hand, NSE Nifty also appeared to be in step with the Sensex. The index started trading at 25,984, showing a slight decline from its previous close of 26,053.90, and then fell 140 points to trade at 25,910.
These 10 stocks went bust as soon as they opened
At the time of writing, 29 out of 30 BSE largecap stocks were trading in the red amid the fall in the stock market. Among the top 10 stocks, Sun Pharma (1.62%), Bharti Airtel (1.40%) and Tata Steel (1.10%) fell in this category, while Mukesh Ambani’s Reliance was also trading in the red. Besides, in the midcap category, Bharti Hexacom (2.82%), LIC Housing (2.68%) and UBL (1.80%) were trading with losses. Among smallcap stocks, IXIGO shares fell the most at 18%, while Shaili shares (6.26%) and Everest India shares (5.48%) declined.
Interest rates cut in America for the second consecutive time
It is worth noting that any financial developments in the US always have an impact on the Indian stock market. Yesterday, the US Fed announced a cut in interest rates by 25 basis points or 0.25%. After this, interest rates in America have now come in the range of 3.75% to 4%. Earlier, the US Federal Reserve had cut rates by the same number in September also.
These shares rise even in falling market
Shares of many major companies were seen trading in the red in the Sensex and Nifty markets, while some shares remained unaffected by this fall and continued to rise. Among these, only in largecap, LT shares (2.50%) were trading with gains, while in midcaps, Policy Bazaar shares (5.30%), BHEL shares (2%) were trading with gains.
