“Stocks Slide at Mid-Day: Sensex Drops 1%, Nifty Dips Below 22,050; Financials and Capital Goods Weigh Heavily”
Mid-day trading witnessed a further downturn in the Sensex and Nifty 50, with both indices plunging over 1 percent amidst persisting apprehensions surrounding the upcoming general elections.
Heightened volatility marked the session, particularly due to the weekly Nifty options expiry.
Larsen & Toubro, a prominent Nifty 50 constituent, bore the brunt of the sell-off, plummeting nearly 5 percent.
The company revised its future margin guidance for FY25 to 8.2-8.3 percent, citing factors such as supply chain disruptions, political uncertainty, and ongoing conflicts.
This downward revision exacerbated market concerns, contributing to the broader sell-off. Both the BSE Midcap and Smallcap indices also recorded losses exceeding 1 percent each, reflecting the widespread negative sentiment.
As of 1 pm, the Sensex had tumbled by 789 points, or 1.07 percent, settling at 72,677, while the Nifty 50 witnessed a decline of 256 points, or 1.15 percent, reaching 22,047.
The market breadth remained unfavorable, with 918 shares advancing, 2,258 shares declining, and 95 shares unchanged.
Financial services and construction sectors led the downturn, while automobile and IT sectors stood out as notable gainers amidst the overall market gloom.
Author:- Apoorva Arora