The stock market has witnessed its fourth major drop of the year today, i.e. on October 3. The Sensex closed at 82,497 with a drop of 1,769 points (2.10%). Nifty also fell by 546 points (2.12%), closing at 25,250. Today, investors’ wealth decreased by ₹ 10.7 lakh crore.
Today, auto, energy, finance and banking stocks declined the most. BPCL, Shriram Finance and L&T stocks fell by more than 4%. These were the top losers of Nifty. JSW Steel’s stock was the top Nifty gainer with a gain of 1.33%.
3 reasons for the Stock Market drop
- There is a negative sentiment in the global market due to the possibility of war between Iran and Israel. Its effect has also been seen in the Indian stock market.
- The current valuations of the Indian stock market are high. Especially in the mid and small-cap segment. Due to this, a significant correction can be seen in the market.
- The fear of recession in America has increased, due to which there was a fall in the American market on the last trading day. Its effect is visible in markets all over the world.
Mixed trading in Asian markets
- In the Asian market, Japan’s Nikkei rose by 1.97%. Hong Kong’s Hang Seng index fell by 1.47% and Korea’s Kospi index by 1.22%.
- On October 2, America’s Dow Jones closed 0.09% higher at 42,196 and Nasdaq closed 0.08% higher at 17,925. S&P 500 also closed 0.01% higher at 5,709.
- According to NSE data, foreign investors (FIIs) sold shares worth Rs 5,579 crore on October 1. During this period, domestic investors (DIIs) bought shares worth Rs 4,60 crore.
Garuda Construction and Engineering IPO will open on October 8
Garuda Construction and Engineering Limited’s Initial Public Offer i.e. IPO will open on October 8. Investors will be able to bid for this issue till October 10. The company’s shares will be listed on the Bombay Stock Exchange (BSE) and National Stock Exchange (NSE) on October 15. Read full news
The stock market was down on Tuesday
Earlier on Tuesday, October 1, the Sensex closed at 84,266 with a decline of 33 points. At the same time, Nifty also fell by 15 points, it closed at 25,796. The market was closed on October 2 on Gandhi Jayanti.
