Tue Nov 12 22:23:51 UTC 2024: ## Indian Stock Market Plunges Amidst Foreign Investor Sell-Off
**MUMBAI, INDIA** – The Indian equity markets witnessed a sharp decline today, driven by foreign investors pulling out their investments and weak global cues. The benchmark Sensex fell below 79,000 points while the Nifty slipped below the 24,000 mark.
The selloff was particularly pronounced in the banking, power, and automotive sectors. Foreign Institutional Investors (FIIs) sold shares worth ₹3,024 crore, while Domestic Institutional Investors (DIIs) bought ₹1,854 crore worth of shares. This resulted in a total loss of ₹5 lakh crore for investors in a single day.
The rupee continued its downward trend against the US dollar, hitting a lifetime low of 84.39. Crude oil prices rose 0.56% to $72.23 per barrel.
Analysts attribute the market slump to global uncertainties, particularly the ongoing US debt ceiling negotiations and the Federal Reserve’s tightening monetary policy.
This downturn serves as a reminder of the volatile nature of the market and the need for investors to proceed with caution.
First Piper 