The Sensex is down almost 500 points when Indian stocks begin trading on Thursday.
The session began on Thursday with Indian stocks down significantly, primarily due to a sharp decrease in IT & oil and gas sectors. Sensex was dropped 498.95 points or 0.84 percent at 59,038.12 points at 10 a.m., while Nifty was dropped 147.05 points or 0.83 percent at 17,612.25 points. According to data from the National Stock Exchange, 17 of the Nifty 50 stocks increased this morning while 33 of them sank.
Due to the Ganesh Chaturthi celebration, all financial markets on Wednesday were closed, including those for commodities and foreign exchange. The major indices of the Indian stock market, the Sensex and Nifty, rose by about 3% during the previous session on Tuesday
Due to widespread resiliency in India’s financial market fundamentals, the indices were able to partially recoup their losses after Monday’s dramatic sell-off and slaughter in Indian stocks. Jerome Powell, the chair of the US Federal Reserve, said the central bank won’t relent in its fight against increasing inflation, which set off Monday’s severe sell-off. Through August, foreign portfolio investors changed from net sellers to net purchasers in the Indian equities markets. Indian market has often seen such ups and downs, that’s why it’s call unprepared market.
According to data, they purchased more securities worth Rs. 51,204 crore in August. However, they were the net buyer in July, investing Rs 4,989 crore in a total amount of stock. Foreign portfolio investors (FPIs) had already been dumping stocks in the Indian markets for the previous nine to ten months for a variety of reasons up until the beginning of July. A persistent outflow of money had been caused by increasing the interest rate in advanced nations, increased demand for goods priced in dollars, and growth in the US dollar.