Indian Stock Market Downturn: Sensex Drops 900 Points on September 30, 2024

Team Finance Saathi

30/Sep/2024

What's covered under the Article:

On September 30, 2024, the Indian stock market experienced a major downturn, with the Sensex dropping by 900 points.

Key sectors such as IT and financial services faced declines, while the metals sector saw gains due to rising global prices.

Increased market volatility has led analysts to predict potential further declines or a rebound, closely monitoring support levels.

On September 30, 2024, the Indian stock market faced a significant downturn, with the Sensex plunging by 900 points and the Nifty falling below the 26,000 mark. This sharp decline was primarily triggered by weak global market cues and mounting pressure on key sectors, notably the IT sector and losses from major stocks, including Reliance Industries.

The day's trading saw the financial services sector declining by 0.5%, while the IT sector experienced a more pronounced drop of 1%. Conversely, the metals sector managed to gain 1.5%, buoyed by rising global metal prices, demonstrating a divergence in sector performance amidst the broader market decline.

Market analysts noted an increase in volatility, reflecting shifting investor sentiment towards profit-booking and heightened concerns regarding geopolitical tensions that are affecting overall market stability. The decline in key indices has prompted some analysts to predict further declines in the near term, while others are cautiously optimistic about a potential rebound. They are closely watching the Nifty's support level at 25,850, which may serve as a crucial indicator for future market movements.

This downturn highlights the ongoing challenges facing the Indian stock market, with investors grappling with a mix of domestic and international pressures. As uncertainty looms, market participants are advised to stay informed and consider their strategies carefully.

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Indian Stock Market Downturn: Sensex Drops 900 Points on September 30, 2024

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