Sensex tumbles 1190 points as stock market tumbles on weakness in IT stocks

Stock market: The domestic stock market closed sharply lower on Thursday, 29 November 2024 due to strong weakness in shares of information technology (IT) companies. By the close of trade, the Sensex of the Mumbai Stock Exchange (BSE) was down 1190.34 points, or 1.48%, at 79,043.74. The National Stock Exchange (NSE) Nifty also closed down 360.75 points, or 1.49 per cent, at 23,914.15. On Wednesday, November 28, 2024, the Sensex closed up 230.02 points at 80,234.08 points and the Nifty closed up 80.40 points at 24,274.90 points. 30 stocks fell on the BSE Sensex. Infosys suffered heavy losses. Its shares fell 3.46% to Rs 1857.45. However, during this downturn, only State Bank of India remained profitable. Its shares fell 0.55% to close at Rs 838.75. Out of 2870 stocks on the NSE, 1245 stocks fell while 1537 stocks gained. However, 88 stocks on the NSE remained unchanged. Shares of SBI Life Insurance fell 5.41% to close at Rs 1424 on the NSE. At the same time, Adani Enterprises shares gained 1.63% to close at Rs 2437. Market affected by Donald Trump's policy stance Newly elected US President Donald Trump's policy stance and uncertainty about cutting US interest rates weighed on market sentiment, said Vinayak Mehta, Founder, The Infinity Group. Among IT sector companies, shares of Larsen & Trubo Technologies Services and Infosys fell more than 3% during trade. He said the domestic stock market faced pressure on Thursday due to several factors. In this, the shutdown of the US stock market and the absence of global signals are key. Cautious stance of domestic institutional investors Domestic institutional investors (DIDs) are keeping a cautious stance with an eye on the future, said Vinayak Mehta. The Union Budget is scheduled to be presented in February 2025. FIIs sell. The US dollar has strengthened. The market can still be considered profit taking rather than bearish. The condition is that the Nifty 50 is above the key standard of 24,050. During these weak phases of the market, short-term traders may be interested in rail, oil and energy sectors, which are expected to strengthen in the current volatile market conditions. Also Read: Enviro Infra Engineers' IPO to list on Nov 29 Japan's Nikkei and South Korea's KOSPI As the rest of Asia's markets talk, Japan's Nikkei 225 and South Korea's KOSPI are rising. were closed. However, Hong Kong's Hang Seng and China's Shanghai Composite posted losses. European markets remain strong. US markets also ended strongly on Wednesday. On the global oil market, Brent crude is trading at 73.31, a gain of 0.65%. Also Read: Tie The Knot! The guaranteed earnings from this IPO will come on November 29. The post Sensex plunges 1190 points in stock market due to weakness in IT stocks appeared first on Prabhat Khabar.