Stock Market crashes: Nifty down 500 points, Sensex 1400.
The Indian stock markets began the first trading session of Samvat 2081, and the November series in the red, with the markets continuously declining. Today the Nifty and Sensex had fallen by nearly 2%. Nifty saw a drop of 500 points, while Sensex was down by 1,400 points. Nifty Midcap saw a drop of 800 points, while the Smallcap index was down by more than 400 points. The Nifty infra and Metal indices fell by 2.8%, the Energy index by about 3.5%, the Oil and Gas index by 3.5%, and the Nifty Auto index by around 2.2%. Sensex opened 11 points lower than the previous close at the level of 79,713 and after opening dropped to an intraday low of 79,058. Meanwhile, Nifty also opened with a loss of 10 points. Bank Nifty opened 164 points higher at 51,764 but then also fell into the red. The U.S. markets had a strong start to November. After three days of decline, the Dow closed up by nearly 300 points on Friday, and the Nasdaq rose by 150 points driven by tech shares. Gift Nifty was down by 100 points, close to 24,300. Dow futures were also down by 150 points. Markets in Japan are closed today due to a holiday. In the international market, gold and silver remained flat, while in the domestic market, gold closed up by 300 rupees and silver by 800 rupees. Foreign investors recorded a massive sell-off in the Indian market in October, with sales totaling 1.14 trillion rupees. Meanwhile, domestic funds continued buying for the 15th consecutive month, totaling 1.07 trillion rupees. Ahead of tomorrow’s US presidential election the 10 year bond yield jumped to a 4- month high, reaching around 4.4%.
