Sensex plummets 1,190 points; Nifty below 23,950

by / ⠀News / November 29, 2024
Sensex plummets 1,190 points; Nifty below 23,950

The Indian stock markets experienced a sharp decline today, with the BSE Sensex plummeting by 1,190 points and the Nifty50 index falling below the 23,950 mark. The market crash has raised concerns among investors and analysts. Several factors contributed to this steep decline, including global economic uncertainties, poor corporate earnings reports, and renewed concerns over inflationary pressures.

These issues have led to widespread selling in the markets. The Nifty index breached the 20-day Exponential Moving Average (DEMA), encountering strong resistance near the 24,360 mark.

A long bear candle formed on the daily chart indicates a potential downside breakout following a range-bound movement over the past few sessions.

Key market developments included fines on Sun Pharma officials, revised price bands by the Bombay Stock Exchange, new trading regulations by SEBI, and fluctuations in silver and gold prices. The Adani Group’s bank exposure and the Rupee’s avoidance of a record low due to central bank intervention also impacted market sentiment.

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Sensex decline triggers investor concerns

Company updates such as Rajoo Engineers’ ex-bonus trading, Enviro Infra Engineers’ IPO debut, Servotech’s solar project, Tube Investments’ acquisition, and Ajmera Realty’s debt repayment influenced individual stock performances. Global markets saw mixed trends, with European stocks rising driven by tech shares, while China stocks declined due to trade tensions and an automotive price war. Japan’s Nikkei rebounded following a two-day slump.

In the cryptocurrency market, Bitcoin surged above $95,000, buoyed by favorable US regulatory news, with expectations of reaching $100,000 soon. Other cryptocurrencies also saw significant gains. Analysts provided recommendations, with Shivangi Sarda forecasting a mixed market and suggesting specific stock buys, while Motilal Oswal projected a 24% upside for Angel One stock.

The market faced substantial challenges, with the Nifty breaching critical technical levels and the Sensex experiencing a notable downturn. Investors are advised to stay informed about market trends, regulatory changes, and company-specific news to make well-informed trading decisions in an unpredictable environment.

About The Author

April Isaacs

April Isaacs is a staff writer and editor with over 10 years of experience. Bachelor's degree in Journalism. Minor in Business Administration Former contributor to various tech and startup-focused publications. Creator of the popular "Startup Spotlight" series, featuring promising new ventures.

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