Stock market crash today: BSE Sensex plunges over 400 points; Nifty50 below 21,700 – Times of India

by The Technical Blogs



Stock market crash today: BSE Sensex and Nifty50 were in red on Monday, struggling to find direction, with investors closely monitoring January’s inflation figures. The CPI inflation or retail inflation data for the month of January will be released after market hours today.
At 12:10 PM, BSE Sensex was trading at 71,156.15, down over 430 points or 0.61%. Nifty50 was at 21,631.60, down 150 points or 0.69%.
Bank and IT stocks saw gains while RIL faced losses. Nifty PSU and IT indices saw notable increases, each rising over 1%. India VIX saw a 5% jump.
According to Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, the S&P 500’s historic closing above 5000 offers support to bullish sentiments. However, rising US bond yields, currently at 4.17%, may prompt significant selling from FIIs, indicating a continued battle between bulls and bears.
Despite the waning excitement over early rate cuts in 2024, both in the US and India, the market’s resilience suggests underlying strength. Positive economic indicators and sustained mutual fund inflows support buying on dips, maintaining high market valuations for a while. Nonetheless, concerns persist over the broader market’s inflated valuations, emphasizing the safety of large-caps in the long term.
According to ET, shares of Multi Commodity Exchange of India (MCX) plummeted 8.4% to Rs 3,510 during Monday’s intraday trade on BSE after reporting a net loss in its December quarter earnings.
State-run Life Insurance Corporation of India (LIC), now India’s fourth largest company by market value, saw its shares surge up to 6% to Rs 1,150 after brokerages upgraded the stock and raised target prices following a robust Q3 earnings report.
The market had a volatile last week, with equity indices ending with minor cuts. This week, investors will be keeping an eye on macro data both domestically and globally.
The S&P 500 closed above 5,000 for the first time on Friday, and the Nasdaq briefly traded above 16,000. This was driven by megacaps and chip stocks, including Nvidia, as investors placed bets on artificial intelligence technology and eyed strong earnings data.
Foreign portfolio investors net bought shares worth Rs 141 crore on Friday. Meanwhile, domestic institutional investors sold shares worth Rs 421 crore.





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