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The stock market faced a significant downturn, with the BSE Sensex dropping over 1,000 points and the Nifty 50 declining by 1.4%. Key factors included investor caution ahead of the US Federal Reserve's meeting, fears of foreign institutional investor selling due to China's budget deficit plans, and weak global market cues. Among the major losers were HDFC Bank, Reliance Industries, and TCS, while only ITC and Hindustan Unilever showed gains in the Sensex.
The Nifty and Sensex rallied for the second consecutive session on December 2, with gains driven by pharma, realty, and auto stocks, despite weaker-than-expected GDP data. The broader market reached a one-month high, while bond yields fell to a 30-month low. Investors are anticipating the RBI's MPC meeting on December 4, where the policy rate is expected to remain unchanged due to high inflation.
Benchmark indices Nifty and Sensex rebounded in the afternoon on December 2, with Nifty rising to 24,170 and Sensex to 79,942, supported by gains in pharma, realty, and auto stocks. Despite India's GDP growth slowing to 5.4% in Q2, analysts suggest that the market's reaction may be muted, viewing potential dips as buying opportunities.
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stock market crash sensex drops over 1000 points ahead of fed meeting
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