Sensex closed below 60,000 points, Nifty closed below 18,000 points

Share Market News : Disappointment is being seen in the stock market before Diwali Dhanteras. On Thursday, the stock market closed with a heavy fall. Sensex slipped below 60,000 and Nifty 18,000 points. At the end of trading today, the Sensex fell by 1158 points to 59,984 and the Nifty closed at 17,857 with a fall of 353.70 points.

Disappointment in the stock market before Diwali

There was a tremendous decline in the banks, IT and metals sector. In the banking stocks, Kotak Mahindra Bank fell by Rs 89 to Rs 2098, ICICI Bank fell by Rs 35 to closed at Rs 800. The shares of Axis Bank and SBI also saw a fall. Investors were seen booking profits at higher levels in the market. There was a big decline in midcap small cap stocks. Investors are busy making profits in the shares of Adani Ports, ITC, ONGC and Coal India. Shares of companies like Reliance, Bajaj Finserv, TCS, Bajaj Auto, Tata Steel, Infosys closed in the red mark.

Today was the expiry day of F&O. According to market experts, this year, the market is seeing overvaluation after a tremendous jump in India’s major stock indices and large participation from retail investors. Morgan Stanley reduced India from ‘Overweight’ to ‘Equal Weight’, citing expensive valuations. Morgan Stanley is expressing the possibility of a fall in the market in the short-term before the market rises further.

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