Brief by Short91 Newsdesk / 08:58am on 26 Oct 2023,Thursday Business
The Indian stock market faced a significant downturn as all three major indices, including BSE Sensex and Nifty 50, experienced substantial losses. BSE Sensex opened with a gap up but plummeted to an intraday low of 63,912 points, losing nearly 1500 points in the last two sessions. Nifty 50 also dropped, breaching the crucial 19,200 support and hitting an intraday low of 19,074, marking a loss of over 450 points. Factors contributing to the decline included rising US Treasury yields, the Israel-Hamas conflict, a strengthening US dollar, foreign institutional investor (FII) selling, weak Q2 2023 results from major companies, and concerns about rising inflation due to surging crude oil prices. Experts cautioned investors amid the market uncertainty.
