New Delhi, Sept. 28: Indian stock market today came under heavy selling pressure on Monday, September 28, with the BSE Sensex falling more than 900 points and the NSE Nifty 50 slipping below the 22,900 mark in early trade.
The Sensex fell 851.82 points, or 1.15%, to 73,043.92, while the Nifty 50 declined 277.55 points, or 1.20%, to 22,863.05. At around 9:42 am, the Sensex had fallen 900.50 points to 72,995.24, while the Nifty stood at 22,865.05.
The sharp decline came as investors assessed rising crude oil prices, geopolitical uncertainty and continued foreign investor selling. All 30 Sensex constituents were trading in the red around 9:30 am, adding to the selling pressure.
GIFT Nifty futures were trading lower before the market opened, signalling a weak start. The cautious mood also followed seven consecutive weekly declines for the benchmark indices. The Nifty ended the previous week at 23,140.50, while the Sensex closed at 73,895.74 on Friday.
Why Is the Stock Market Today Fallen?
Crude oil prices remain a key concern for Indian markets amid continuing geopolitical tensions in the Middle East. Higher oil prices can increase India’s import bill and add pressure on inflation and corporate costs.
Developments involving the United States, Israel and Iran are also being closely watched by investors. Uncertainty surrounding the Strait of Hormuz has added to concerns over global energy supplies.
Foreign investor selling has further weighed on domestic equities. Market participants are also tracking global bond yields and the US dollar, as higher yields can affect capital flows into emerging markets.
The rupee remains another key factor for investors. Persistent demand for dollars linked to oil imports, along with foreign fund outflows, could keep the currency under pressure.
On the domestic front, investors will watch upcoming economic data, including August industrial production and manufacturing PMI figures. Monthly automobile sales and foreign institutional investor activity will also remain in focus.
Global markets are likely to track US economic data, including consumer confidence and JOLTS job openings. Eurozone inflation data will also be watched for clues about the global interest-rate outlook.
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