The Indian stock market experienced a considerable downturn today, November 4, 2024, with the Sensex plunging over 1,461 points (1.83%) and the Nifty falling to 23,826 (2%).
This sharp decline was driven by a combination of global and domestic factors, including escalating geopolitical tensions in the Middle East, investor caution ahead of the Federal Reserve’s upcoming policy meeting, and profit booking following a recent rally.
Market Performance:
- Sensex: Down 1,272 points (1.5%) to 84,299
- Nifty: Down 356 points (1.4%) to 25,822
Sectoral Impact:
-
- Realty: The real estate sector faced considerable selling pressure, with major players like DLF and Godrej Properties witnessing sharp declines.
- Media: Media stocks also took a hit, with companies such as Zee Entertainment and Sun TV Network seeing substantial losses.
- Oil & Gas: The oil and gas sector was among the worst affected, with Reliance Industries and ONGC leading the decline.
Major Gainers: Jyti Structures up 3.22%, First Source 1.59%,
Global concerns
The Federal Reserve’s meeting is scheduled for November 6-7, 2024. This meeting is part of the Federal Open Market Committee’s (FOMC) regular schedule, where they review and set monetary policy.
The Fed has been adjusting interest rates throughout the year. In their last meeting in September, they cut the federal funds rate by half a percentage point. Market analysts are keenly watching for further rate cuts or changes in policy direction.
Trending Stock Prices
Here’s a chart of some trending stocks and their performance today:
| Stock | Price (INR) | Change (%) |
|---|---|---|
| Reliance Industries | 2,300 | -3.5% |
| Infosys | 1,450 | -2.8% |
| ICICI Bank | 900 | -2.2% |
| HDFC Bank | 1,600 | -2.0% |
| Sun Pharma | 950 | -3.0% |
| DLF | 450 | -4.5% |
| Godrej Properties | 1,200 | -4.0% |
| Zee Entertainment | 250 | -3.8% |
| Sun TV Network | 450 | -3.6% |
| ONGC | 180 | -3.2% |
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