4 Reasons Why Sensex Plunged 695 Points Today

After opening the day on a positive note, Indian share markets witnessed heavy selling pressure during closing hours, pausing the record rally, following broad-based selling.

At the closing bell, the BSE Sensex stood lower by 695 points. Meanwhile, the NSE Nifty ended down by 197 points.

Eicher Motors was the top loser in NSE. Meanwhile, the top gainers in NSE today include ONGC and Gail.

SGX Nifty was trading at 12,916, down by 146 points, at the time of writing.

On the sectoral front, banking stocks and realty stocks were among the hardest hit.

Oil exploration & production stocks were also in focus today as crude oil prices hit their highest level since March amid news flow related to smooth US presidency transition and encouraging developments on the Covid-19 vaccine front.

Asian stock markets ended on a mixed note. As of the most recent closing prices, the Hang Seng was up 0.3% and the Shanghai Composite stood lower by 1.2%. The Nikkei ended up by 0.5%.

US stock futures are trading mixed today. Nasdaq Futures are trading up by 34 points (up 0.2%), while Dow Futures are trading down by 45 points (down 0.1%).

The rupee is trading at 73.90 against the US$.

Gold prices for the latest contract on MCX are trading up by 0.3% at Rs 48,735 per 10 grams.

Here are the Top 4 Factors Why Indian Stock Markets Plunged Today

Profit Booking: Indian share markets witnessed profit-booking ahead of the expiry of the November F&O series. Besides, rising cases of Covid-19 remain an overhang.

Broader Markets Underperform: In sync with the benchmark indices, the BSE Midcap and Smallcap indices too suffered strong losses. The BSE Mid Cap index ended down by 1.8%. The BSE Small Cap index ended lower by 1.1%.

All Sectoral Indices End in Red: On the sectoral front, all sectoral indices ended on a negative note with realty stocks, banking stocks, and telecom stocks witnessing most of the selling pressure.

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Disclosure: Equitymaster Agora Research Private Limited (Research Analyst) bearing Registration No. INH000000537 (hereinafter referred as 'Equitymaster') is an independent equity research ...

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