Sensex Records Sixth Consecutive Session Decline Amid Global Market Slump

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Sensex Records Sixth Consecutive Session Decline Amid Global Market Slump
Credit: © Reuters.

The Sensex index has experienced its sixth consecutive session of decline, culminating in a 5% drop since October 17, settling at 63,148.15. This downward trend is attributed to rising tensions in the Middle East, a widespread selloff, sluggish global market trends, and losses in auto, financial, and energy stocks.

The Nifty50 also took a substantial hit, dropping nearly 1,000 points over six sessions to close at 18,857.25. Shrikant Chouhan of Kotak Securities suggests this weak sentiment will likely continue until the index trades above the 19,000 mark.

Foreign Institutional Investors (FIIs) have contributed to this downward trend with fresh selling. Among the most significant losers in the Sensex pack were Mahindra & Mahindra and Bajaj Finserv (NS: BJFS ), along with Asian Paints (NS: ASPN ), HDFC Bank (NS: HDBK ), Tata Motors (NS: TAMO ) (NYSE: TTM ), and Larsen & Toubro (NS: LART ). On the other hand, Axis Bank (NS: AXBK ), ITC, HCL Technologies (NS: HCLT ), NTPC (NS: NTPC ), and IndusInd Bank (NS: INBK ) managed to gain ground despite the general downturn.

This decline was mirrored globally as markets in Seoul, Tokyo, and Hong Kong recorded significant losses. European markets also followed suit. In addition to stock market losses, Brent crude 's price decreased to USD 89.54 per barrel.

In line with these global trends, US markets also ended negatively on Wednesday. The continued weakness in these markets underscores the broader impact of geopolitical tensions and economic uncertainty on investor sentiment worldwide.

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