Mon Nov 04 06:39:52 UTC 2024: ## Indian Share Market Plunges on Election Worries and FII Outflows
**Mumbai, India** – The Indian share market experienced a sharp decline in early trading on Monday, with the Sensex plummeting over 1,000 points and the Nifty falling below the 24,000 mark. Investors expressed caution ahead of the upcoming US presidential elections and the Federal Reserve’s interest rate decision, which is expected on Thursday.
Major laggards in the Sensex pack included Reliance Industries, Sun Pharma, Infosys, Tata Motors, and Infosys. In contrast, Mahindra & Mahindra, Tech Mahindra, and HCL Technologies saw gains.
The market’s downward trend follows a month of significant foreign institutional investor (FII) outflows. October witnessed a record Rs 90,000 crore withdrawal from equities, making it the worst month in terms of outflows. This trend continued last Friday with FIIs selling Rs 211.93 crore-worth equities.
Despite the Indian market’s downturn, other Asian markets like Seoul, Shanghai, and Hong Kong are trading higher. Additionally, the US markets closed in the green on Friday.
The Federal Reserve’s interest rate decision on Thursday is anticipated to be a rate cut, which may subsequently allow other countries’ central banks to lower their interest rates.
The share market was closed during regular hours on Friday but opened for a special Muhurat trading session in the evening for Diwali. The one-hour session saw the Sensex rise 335 points to 79,724, while the Nifty climbed 99 points to 24,304.
First Piper 