Stock Market Updates: Sensex Crashes 1,000 points while the Nifty is below 24,000 points.

Stock Market Update: Sensex Plunges 1,000 Points, Nifty Drops Below 24,000

Written by: Supriya Kadu

Edited by: Pinky Deshmukh

Last Updated: December 19, 2024

Summary: Benchmarks indices the Sensex and the Nifty 50 have declined for four straight sessions.

In early trade on Thursday, the benchmark indices Sensex and Nifty fell. The global market was weak after the US Federal Reserve said it would cut interest rates less next year.

In early trade, the 30-share BSE benchmark Sensex fell 1,162.12 points to 79,020.08. The NSE Nifty fell 328.55 points, reaching 23,870.30.

The 30 blue-chip stocks were all down in value. The biggest losers were Mahindra & Mahindra, Infosys, State Bank of India, Tata Steel, Asian Paints, JSW Steel, Bajaj Finserv, and Bajaj Finance.

Hong Kong, Shanghai, Tokyo, and Seoul were all trading down in Asian markets. Globally, Wall Street was extremely down on Wednesday.

According to exchange statistics, foreign institutional investors (FIIs) sold off stocks on Wednesday for a total of Rs 1,316.81 crore.

Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd, said, “The Federal Reserve cut its benchmark interest rate by 25 basis points, marking the third consecutive reduction this year, but bullish sentiment waned as the Fed lowered its 2025 projections to just two additional cuts.”

Brent crude, a global oil benchmark, fell 0.40 percent to USD 73.10 a barrel.

Wednesday marked the third day of decline for the BSE benchmark Sensex, as it fell 502.25 points, or 0.62 percent, to close at 80,182.20. At 24,198.85, the Nifty fell 137.15 points, or 0.56%.