Mumbai. The Indian Stock Market closed in the red on Monday amid uncertainty over the US election results and the Federal Reserve’s monetary policy meeting. The policy announcement of the US Federal Reserve will be on November 7. Meanwhile, both Sensex and Nifty indices saw a huge fall of up to 2 percent. However, there was some recovery in the market at the end of trading. BSE Sensex closed down 941.88 points or 1.18 percent. On the other hand, NSE Nifty closed at 23,995.35 after falling 309 points or 1.27 percent. Mid and small cap indices also fell up to 2 percent. Nifty Bank fell 458.65 points or 0.89 per cent to 51,215.25.
The Nifty Midcap 100 index ended at 55,784.55, falling 711.50 points or 1.26 per cent. The Nifty Smallcap 100 index closed at 18,424.65 after rising 370.25 points or 1.97 per cent. There was heavy selling in Nifty’s reality, energy, media, infra and commodities sectors. At the same time, Auto, Fin Services, FMCG and Metal sectors also remained in the red with a decline of 1 percent. The market trend remained negative. On the Bombay Stock Exchange (BSE), 1,357 shares were trading in the green, 2,705 shares were trading in the red. Whereas, there was no change of any kind in 137 shares. Reliance, Sun Pharma, Bajaj Finserv, NTPC, Tata Motors, Axis Bank, Titan, Power Grid, Tata Steel and Bharti Airtel were the top losers in the Sensex pack.
Whereas, M&M, Tech Mahindra, SBI, HCL Tech, Infosys and IndusInd Bank were the top gainers. Due to the fall, the market cap of Bombay Stock Exchange (BSE) has fallen by about Rs 6 lakh crore to Rs 442 lakh crore. According to market experts, the US Fed is expected to cut the rate by 25 bps in the policy next week. Clearly, the US has fared better than before, leaving the harsh landers behind. Important macroeconomic data are due to be released in the coming week, which will likely shape its decision-making. The October employment report will reflect the 33,000 Boeing workers who went on strike on Sept. 13 and an additional 22,000 layoffs at Boeing suppliers, as well as the impact of Hurricane Milton on Oct. 9, he added. These factors can make macroeconomic numbers appear worse than previous readings.