Stock market crash: Sensex drops over 1,000 points just a day ahead US elections

Stock market crash today: The Indian stock market crashed on Monday, November 4, 2024, with the benchmark BSE Sensex tanking by more than 1,100 points and the NSE Nifty falling by over 350 points, both around 1.5% into the red.
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The Sensex reached 78,569.67 after plummeting 1154.45 points or 1.45% while the Nifty reached 23,934.05 after falling by 370.30 points or 1.52% as at 10:45 am IST.
The Sensex’s intraday low so far was 78,232.60 which was a 1.87% or 1,491.52 points fall from the previous close of 79,724.12 .
The Nifty’s intraday low so far was 23,816.15. This was a 2% or 488.2 points fall from the previous close of 24,304.35.
The crash came amid market uncertainty caused by the US elections scheduled to be held on Tuesday, November 5, 2024. The outcome of the elections could influence the US Fed’s policy, which in turn will affect interest rates in India and the rest of the world.
Another reason was the increase in international oil prices. Brent Crude futures for January 2025 went up 1.71% to $74.35 a barrel while WTI futures for Dec 2024 went up 1.87% to $70.79 a barrel, according to Bloomberg data.
Sun Pharmaceuticals Industries Ltd fell the most among Sensex stocks by 4.23 %, reaching ₹1,780.00. This was followed by NTPC Ltd which was down by 4.22 % to ₹394.15, Reliance Industries Ltd which was down by 3.61 % to ₹1,290.70, and Adani Ports And Special Economic Zone Ltd which was down by 3.59% to ₹1,344.
Among the NSE’s sectoral indices, Nifty Media fell the most at 3.36%, followed by Oil & Gas at 3.45% and Nifty Realty at 2.89%.
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This comes after the first opening of the markets after the Muhurat Trading session for 2024’s Diwali held last Friday on November 1, 2024 between 6 and 7 pm IST.
After the Muhurat Trading session ended, the markets closed, with the Sensex gaining 335.06 points or going 0.42% up, reaching 79,724. Meanwhile, the Nifty closed 99 points up at 24,34.35.
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