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Terrifying Thursday sends shockwaves through Indian stock market

The BSE Sensex has nosedived below the 72,500 level, while the Nifty has slipped beneath a significant support level of 22,000. The prevalent atmosphere is one of intensified selling pressure, with 'uncertainty' emerging as the buzzword of the day.

- Mumbai - UPDATED: May 9, 2024, 06:08 PM - 2 mins read

Terrifying Thursday sends shockwaves through Indian stock market

Investors on the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE) are facing a nerve-wracking day as indices tumble below critical thresholds, marking what some analysts are dubbing as "Terrifying Thursday."

Market sentiment has been significantly dampened by a series of factors, including the ongoing general elections, recent Foreign Portfolio Investor (FPI) selling, concerns over high market valuations, lackluster Q4 earnings, and apprehensions surrounding Federal Reserve (Fed) policies.

Elections and market sentiment

A notable aspect contributing to the market jitters is the low voter turnout witnessed in the initial phases of the general elections 2024.

Analysts suggest that a continuation or worsening of this trend could potentially impact both the election outcome and equity markets.

FPI selling and Market valuations

Foreign outflows from the Indian market have surged, with FPIs withdrawing substantial amounts in May, following a similar trend in April.

Analysts attribute this trend to multiple factors, including the allure of Chinese and Hong Kong markets with comparatively lower valuations.

Q4 Earnings

The earnings season for the fourth quarter of FY24 has failed to provide the much-needed boost to market sentiment.

While some companies have exceeded profit estimates, others have fallen short, resulting in an overall lukewarm performance.

Motilal Oswal Securities noted that while certain companies such as Reliance Industries and HDFC Bank surpassed expectations, others like HCL Technologies and Titan missed estimates.

Fed Policy Uncertainties

Apprehensions regarding potential delays in Fed rate cuts persist.

Investors remain cautious, particularly in the face of high valuations and uninspiring Q4 earnings.

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