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The Indian stock market experienced a significant downturn on Thursday, with the benchmark BSE Sensex plummeting 836.34 points, closing at 79541.79. This sharp decline was driven by brisk selling in blue-chip counters, highlighting the volatile nature of the market and reflecting concerns about the current economic landscape.
Several stocks witnessed drastic falls, with Parker Agrochem leading the pack, plunging by 12.17 percent. Adani Transmission followed closely behind, losing 10.36 percent. Chartered Cap, Emmessar Biotech, and Sanghvi Brands also experienced significant losses, dropping by 9.99 percent, 9.99 percent, and 9.90 percent respectively. This widespread decline underscores the bearish sentiment among investors, particularly in sectors like agriculture, energy transmission, and consumer goods.
The Nifty index, another key indicator of the Indian stock market, mirrored the Sensex's downward trend, closing at 24199.35, down 284.71 points. Only 5 stocks in the Nifty pack managed to close in the green, while a significant majority of 45 stocks ended in the red. This indicates that the downturn was not limited to a few specific sectors but rather a broad-based phenomenon affecting diverse industries.
While the market witnessed several substantial losses, there were also some positive developments. Intnl Comb Ltd, Diligent Ind, Brainbees Solutions, EKI Energy Services, and Lakhotia Poly reached their fresh 52-week lows. Conversely, Adhata Global Ltd., Avalon Technologies, Gala Precision Engin, JSW Holdings, and DCM Shriram achieved their fresh 52-week highs. These contrasting trends reflect the complex interplay of factors influencing individual companies and sectors within the broader market.
The sharp decline in the Sensex and Nifty indices reflects the ongoing uncertainty and volatility in the global and domestic markets. Investors are cautiously navigating complex economic factors, including global inflation, rising interest rates, geopolitical tensions, and domestic economic performance. The future direction of the market remains uncertain, requiring investors to carefully assess market signals and adopt strategic investment approaches to navigate the challenges ahead.
Source: Stocks plunged news: Sensex falls! These stocks fell 5% or more in Thursday's session