Today’s stock market faced a decline, with the Sensex dropping over 400 points and the Nifty falling to 23,375. The downward trend reflects ongoing market consolidation and was influenced by outcomes from the recent 53rd GST Council meeting.
The Sensex and Nifty opened the week with significant losses, signaling caution among investors. This drop was a reaction to fiscal policy updates and ongoing adjustments in the market, highlighting the impact of regulatory and economic developments on stock prices.
ICICI Bank, Sun Pharma, ITC, TCS, Nestle India, and Power Grid showed early gains, contrasting with the overall market decline. Meanwhile, IndusInd Bank, Tata Steel, and SBI were notable underperformers, dragging the indices lower.
On the transaction front, Friday saw foreign institutional investors pulling out Rs 1,790.19 crore from the markets. Conversely, domestic institutional investors stepped up, purchasing equities worth Rs 1,237.21 crore, showing a mixed sentiment among investors.
This movement in the stock market reflects a cautious approach by investors, reacting to both global cues and internal economic updates. Today’s market behavior underscores the ongoing volatility and the careful watching of fiscal policies and their impacts.
