Stock market crash today: BSE Sensex and Nifty50, the Indian equity benchmark indices, plunged in opening trade on Wednesday on the back of global cues. While BSE Sensex dipped below 82,000, Nifty was below 25,100. At 9:16 AM, BSE Sensex was trading at 82,023.52, down 532 points or 0.64%. Nifty50 was at 25,103.35, down 177 points or 0.70%.
“Although intermittent volatility cannot be ruled out, we expect the market to see a gradual up move with sectorial rotation, supported by rising hope of the US rate cut and FIIs turning buyers,” said Siddhartha Khemka, Head – Research, Wealth Management, Motilal Oswal.
According to Nagaraj Shetti of HDFC Securities, the near-term uptrend of Nifty remains intact, and the current range-bound movement could lead to an upside breakout above the 25,400 level. A decisive move beyond this resistance is expected to push Nifty towards the next target of 25,800, with immediate support at 25,100.
In the US, stocks experienced their largest daily percentage drops since early August on Tuesday, with most S&P 500 sectors declining, particularly technology, energy, communication services, and materials.
Global markets
are showing mixed trends, with S&P 500 futures little changed, Hang Seng futures down 0.6%, Japan’s Topix falling 2.8%, Australia’s S&P/ASX 200 declining 0.9%, Euro Stoxx 50 futures down 1.2%, and Nasdaq 100 futures slipping 0.2%.
In the forex market, the euro, Japanese yen, offshore yuan, and Australian dollar remained relatively stable against the US dollar.
Three stocks are under the F&O ban today: Balrampur Chini Mills, Hindustan Copper, and ABFRL. These securities have crossed 95% of the market-wide position limit.
Foreign portfolio investors (FPIs) turned net buyers, purchasing shares worth Rs 1,029 crore on Tuesday, while domestic institutional investors (DIIs) bought shares worth Rs 1,896 crore.
The net long position of FIIs increased from Rs 2.33 lakh crore on Monday to Rs 2.38 lakh crore on Tuesday, indicating a positive sentiment among foreign investors.
