The Indian headline indices, Sensex and Nifty on the last trading session of the month September poised a decline, with indices ending on a red note on Monday (September 30). The BSE Sensex plunged 1,272.07 points to close at 84,299.78, while the Nifty fell by 368.10 points to settle at 25,810.85.
This marked a 1.49 per cent drop for the Sensex and a 1.41 per cent decline for the Nifty, as bears took control of Dalal Street.
Factors Behind the Plunge
The day started on a sour note as global cues remained weak, prompting the market to open lower. The situation worsened as selling pressure spread across almost all sectors, driven by factors such as the rising geopolitical tensions and anticipation surrounding Federal Reserve Chair Jerome Powell's speech later in the evening.
The market saw a sharp intraday decline, with the Sensex falling over 1,300 points at one stage and the Nifty dipping below the 25,800 mark.
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Despite this overall negative sentiment, the metal and media sectors managed to hold their ground, both gaining about 1 per cent.
Gainers and Losers
While most stocks faced heavy losses, a few managed to shine. JSW Steel, Hindalco Industries, NTPC, Tata Steel, and Britannia Industries emerged as top gainers on the Nifty. Conversely, Hero MotoCorp, Trent, Axis Bank, Reliance Industries, and Bharat Electronics were among the top losers.
Sector Performance
Most sectoral indices ended in the red, with auto, bank, IT, telecom, pharma, and realty shedding between 1 per cent and 2 per cent. The BSE midcap index ended the day with marginal losses, while the smallcap index ended flat.
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Stocks on the Rise
Apart from this market downturn, over 300 stocks on the BSE reached their 52-week highs. Companies like Apollo Hospitals, AstraZeneca Pharma, Bombay Burmah, BPCL, and Hindalco Industries stood out.
The day’s trading resulted in a drop in the overall market capitalization of BSE-listed firms from approximately Rs 477.9 lakh crore to Rs 474.4 lakh crore.
Rupee
The Indian rupee also faced pressure, falling 11 paise to settle at Rs 83.80 against the US dollar.