Nifty

Driven by strong performance in steel and auto sectors, the Sensex has surged to an unprecedented 85,000 points. This milestone comes amidst a record-breaking rally in the Indian share market, with the Nifty also nearing the 26,000 mark.

The catalyst for this remarkable rise can be attributed to the US Federal Reserve's recent decision to cut interest rates. This move has positively influenced both the Indian stock market and global markets, leading to record highs for the Sensex and Nifty for two consecutive days.

As of late morning trading, the Sensex plummeted by 2,037 points to 78,944, while the Nifty fell 661 points to 24,056. This drop in equity valuation has led to a staggering loss of Rs 17.03 lakh crore in investor wealth, reducing the total market capitalization from Rs 457.16 lakh crore to Rs 440.13 lakh crore.

The Indian stock market has seen significant fluctuations this year. The Sensex experienced a 7% swing, and the Nifty 50 moved by over 8% in just the first six months of 2024.

An increase in STT raises the overall transaction cost of securities, which can deter buying and encourage selling. This shift in market dynamics often leads to a broader market downturn, as seen in today's plunge.

Stock markets surged in early trade on Tuesday, with the Sensex rising by more than 264 points ahead of the Union Budget presentation later in the day.

The brokerage firm added that since 1999, Nifty has typically risen by a median of 21% from post-election outcome lows to the end of the year in election years.

The Indian stock markets opened at fresh record highs on Thursday as the US Federal Reserve maintained interest rates. The Nifty hit a lifetime high of 23,481, climbing 159 points from the previous close of 23,322. The Sensex surged 539 points to reach a record high of 77,145.

Lok Sabha Elections 2024 result:The Sensex finally closed with a massive loss of 4,390 points, or 5.74 per cent, at 72,079.05, while the Nifty 50 ended with a cut of 1,379 points, or 5.93 per cent, at 21,884.50.

Lok Sabha Election 2024 results:Sensex crashed 4,389.73 points to settle at 72,079.05 on Tuesday; Nifty plunged 1,379.40 points to 21,884.50.