Sensex Suffers Significant Setback as Global Equities Sink

On Thursday, the Sensex plunged by 965 points falling below the 80,000 mark due to heavy global sell-offs. The decline resulted from the US Federal Reserve's indication of fewer rate cuts. Banking, IT, and consumer durables were notably affected. The rupee also hit a record low against the dollar.

The equity benchmark, Sensex, suffered a significant loss of approximately 965 points on Thursday, plummeting below the crucial 80,000 mark. This decline followed a global equities sell-off, triggered by the US Federal Reserve's announcement signaling fewer rate cuts next year, causing widespread market apprehension.

Key sectors, particularly consumer durables, banking, and IT stocks, bore the brunt of the sell-off as foreign fund outflows intensified the market gloom. The BSE benchmark Sensex fell by 964.15 points or 1.20 percent, settling at 79,218.05, with the NSE Nifty also tumbling by 247.15 points to fall below the 24,000 barrier at 23,951.70.

Despite the selling pressure, some relief came from the Bank of Japan's decision to maintain its interest rates, but investor caution remained high due to ongoing foreign institutional investor (FII) withdrawals. The rupee experienced a decline, closing at 85.08 against the US dollar, marking a new low.

(With inputs from agencies.)