Sensex falls 422, Nifty below 24,200 amid West Asia tensions
Business
Stocks took a hit on Thursday as the Sensex fell 422 points and the Nifty dropped below the key 24,200 mark.
The mood was shaky thanks to tensions in West Asia and foreign investors pulling their money out.
Midcaps rally, banks and IT slide
Banking and IT stocks led the fall, putting pressure on the main indices. Interestingly, midcap stocks bucked the trend. Nifty Midcap even hit a new all-time high.
Dr. VK Vijayakumar from Geojit Investments pointed out that volatile crude oil prices and ongoing foreign investor exits are keeping markets under pressure, while India's performance is lagging global peers due to energy worries and geopolitical uncertainty.