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Home CURRENT AFFAIRS BUSINESS Stock Market in Turmoil as Sensex Witnesses 1053 Point Slide, ZEE Shares...

Stock Market in Turmoil as Sensex Witnesses 1053 Point Slide, ZEE Shares Plunge 32%

Tuesday's volatile trading session saw a sharp decline in the Indian stock market, with the Sensex falling 1,053 points and the Nifty closing below the critical 21,250 level.

Stock Market Update

Stock Market Update: Tuesday saw a one-month low for both the major equity indexes, Sensex and Nifty, as a result of a daylong slide in financial and FMCG firms. To end at 70,371, the S&P BSE Sensex fell 1,053 points. However, the NSE Nifty50 finished at 21,239, down 333 points, after settling below the 21,250 barrier. The intraday lows for the domestic indices were 21,193 and 70,234, respectively.

IndusInd Bank Leads with Over 6% Decline

With a loss of more than 6% on the 30-share Sensex platform, IndusInd Bank was the biggest loser, trailed by SBI, HUL, HDFC Bank, Bajaj Finance, and Axis Bank. Conversely, companies that saw gains included Sun Pharma, Airtel, ICICI Bank, PowerGrid, Bajaj Finserv, and TCS.

Tuesday saw a 32% decline in Zed Entertainment Enterprises Ltd. shares, following the cancellation of Sony Pictures Networks India’s $10 billion merger with the Indian media conglomerate.ZEE’s stock ended the day on the BSE at Rs 155.90 a share.

Broad Market Decline

The BSE Midcap and Smallcap indices fell by around 3% apiece in the larger markets. All other sector indexes concluded in the red, with the exception of medicine. The Nifty Media index declined 13%, the Nifty Realty index fell 5%, the Nifty PSU Bank index fell 4%, and the Nifty Bank index dropped 2%. Conversely, Nifty Pharma saw a 1.6% increase. The domestic indexes were closed on January 22 because to the consecration of the Ram Mandir in Ayodhya during the previous session on Monday.

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