sensex nifty see sharp sell off november 4 2024 us election profit growth
Indian stocks in mixed trading on Monday (November 4, 2024) saw heavy losses led by heavy losses. At around 11:27 am, the 30-share BSE Sensex traded with a gap of 1.6 percent or 1,273.84 points to 78,450.28, while the Nify 50 index was also down 1.68 percent or 409 points to -23,895.
Here are some important reasons for slope maintenance today:
Slowing down income growth:
Dr. VK Vijayakumar, Chief Investment Strategist, Geojit Financial Services said, “The Indian market is facing issues of slowing earnings growth. FY25 estimates of 24 times are difficult to sustain”.
Importantly, of the 50 Nifty companies, 34 reported muted profit growth during the July-September quarter.
US Presidential Election
The market mood was also cautious ahead of the US election on November 5. Prashanth Tapse, Senior VP (Research), Mehta Equities believes that the US polls show a tight race between Donald Trump and Kamala Harris. The results of the election, expected on November 8, could have an impact on global markets, especially if the counting is delayed. Investors remain cautious, with concerns about inflation and the deficit under both candidates, Tapse added.
