The impact of 25 basis points cut in interest rates by the US Federal Reserve was negative on the Indian stock market. At market closing, BSE Sensex fell by more than 500 points and closed below 84,500, while NSE Nifty fell by more than 160 points and went below the level of 25,900. Top Losers included Dr. Shares of big players like Reddy’s Labs, HDFC Life, Sun Pharma, Bharti Airtel and Tata Steel witnessed a decline of up to 5%. Interestingly, while the Asian markets witnessed a rise, the Indian markets continued to fall. The main reason for this was the selling of foreign investors. On October 29, FIIs sold shares worth ₹2,540 crore, while Domestic Institutional Investors bought shares worth ₹5,693 crore, i.e. they were net buyers. Market experts believe that uncertainty regarding Fed policies, continuous selling by foreign investors, and increasing volatility have slowed down the pace of the Indian market. In the coming days, Global Financial Developments and Commodity Price Movements will decide what will be the next direction of Sensex and Nifty.
Shock of US Fed Rate Cut! Sensex falls 500 points, Nifty below 25,900. Money Live | US Fed rate cut shocks Sensex drops 500 points, Nifty below 25,900
