The Indian stock market fell sharply on Tuesday as investors were worried about the U.S. Federal Reserve’s decision on interest rates. Major companies like HDFC Bank, ICICI Bank, Reliance Industries, and Bharti Airtel saw their stocks drop, causing the main index, BSE Sensex, to lose 1,064.12 points, closing at 80,684.45. The Nifty 50 index also declined by 332.25 points to finish at 24,336.00.
Experts believe that investors are cautious due to upcoming announcements from the Federal Reserve, Bank of Japan (BoJ), and Bank of England (BoE). Even though a small rate cut from the U.S. Fed is expected, many are watching for hints that might point to future changes. The Indian Rupee also fell to its lowest ever, adding more pressure as foreign investors pull out money due to rising U.S. bond yields and a stronger dollar.
In U.S. markets, stocks dipped as people awaited the Fed’s decision and digested better-than-expected retail sales data showing a rise of 0.7% in November.
From a technical standpoint, the Nifty index showed signs of bearish trends, indicating further potential declines towards the support level of 24,200. Analysts suggest that if the Nifty stays above this level, a recovery might occur.
In trading volume, the most active stocks included Mazagon Dock Shipbuilders, Suzlon Energy, Zomato, Paytm, and Reliance Industries. Some companies, like Jyoti CNC Automation and Quess Corp, experienced strong buying interest, while others like Shriram Finance and Blue Star faced heavy selling pressure.
Despite a challenging market day, over 278 stocks reached their 52-week highs, while 28 stocks hit their lows. Most stocks in the market declined, with 2,502 falling compared to 1,521 that advanced.
