Stock Market Highlights, May 3: Sensex plunges 733 pts, Nifty below 22,500 in broad sell-off

Stock Market highlights on May 3:24 of the 30 Sensex stocks, and 35 of the 50 Nifty stocks closed in the negative zone led by L&T, Maruti Suzuki, Reliance Industries, Nestle India, and JSW Steel

Closing Bell on May 3, 2024: Indian equities took a sharp U-turn mid-day on Friday, ending deep in the red amid broad-based selling. The S&P BSE Sensex shed 733 points, or 0.98 per cent, to end at 73,878. The Nifty50 closed at 22,476, down 173 points or 0.76 per cent.

The BSE Sensex plunged 1,143 points intraday to hit a low of 73,468, while the Nifty50 slipped below the 22,350-mark. 

24 of the 30 Sensex stocks, and 35 of the 50 Nifty stocks closed in the negative zone led by L&T, Maruti Suzuki, Reliance Industries, Nestle India, JSW Steel, and Bharti Airtel. These stocks tumbled between 1.7 per cent and 2.7 per cent.

In the broader markets, the BSE MidCap and SmallCap indices declined 0.2 per cent and 0.55 per cent, respectively. India VIX, meanwhile, surged nearly 9 per cent.

Among sectors, the Nifty REalty index dropped 1 per cent, followed by the Nifty IT, Auto, and PSU Bank indices (down 0.7 per cent each). 

3:45 PM

Comment :: Why did large-caps fall more on May 3?

Profit booking and a degree of caution ahead of the release of the US non-farm payroll resulted in selling pressure in the market. However, the absence of significant negative surprises in Q4 earnings thus far, along with a decline in oil prices, might help to mitigate the downside. Though the correction was broad-based, the large-cap stock was the key underperformer due to the moderation of FII's exposure to the domestic market.

Views by: Vinod Nair, Head of Research, Geojit Financial Services

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Closing Bell :: Nifty ends below 22,500

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Closing Bell :: Sensex ends off lows, still down over 700 pts

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