Benchmark equity indices the BSE Sensex and NSE Nifty retreated from yesterday’s closing, and ended lower by over 1 per cent each.
At close, the BSE Sensex was down by 836.34 points, or 1.04 per cent, at 79,541.79, while the Nifty 50 was at 24,199.35, declining by 284.70 points, or 1.16 per cent.
According to brokers, Nifty opened flat, possessed significant selling pressure, and concluded the day on a negative note at 24,199 levels. The volatility index INDIA VIX jumped 1.05 per cent to 15.03, signalling increased market volatility. The broader markets settled in the red, with Nifty Midcap100 and Nifty Smallcap100 falling 0.43 per cent and 0.75 per cent, respectively.
Experts attributed the fall to the lacklustre September quarter earnings, among other reasons. Corporate revenue and earnings growth remained sluggish, reflecting a challenging demand environment.
Meanwhile, the US Federal Reserve is expected to cut the interest rate by 25 basis point. This could strengthen the dollar and reduce flexibility for developing nations to adjust their monetary policies.