The stock market witnessed a decline today, September 24. The Sensex closed at 73,581, down 1,248 points or 1.67%. The Nifty also fell by 384 points or 1.64%, settling at 23,063. Banking, metal, and auto stocks saw the heaviest selling pressure.
Market analysts also say that Insurance regulator IRDAI played a significant role in dragging the market down today. It has introduced a proposal titled ‘Recalibrating Economics of Insurance Distribution’ aimed at major reforms in insurance distribution; the proposal seeks to curb the forced selling of insurance by banks, reduce expenses incurred by insurance companies, and impose a cap on commissions.
At the start of trading, the Bombay Stock Exchange (BSE) Sensex opened sharply lower, dropping 613.95 points to the 74,214.30 level. Meanwhile, the National Stock Exchange (NSE) Nifty 50 also fell by 215.90 points to 23,230.90. The extent of the sell-off was such that only 806 stocks saw gains during the morning session, while 1,591 stocks traded in the red and 173 remained unchanged.
Bajaj Finance Plunges Over 5%
According to Sensex heatmap data, banking and finance sector heavyweights were major contributors to the market’s decline today. Bajaj Finance shares tumbled 5.13% to ₹986.70. Axis Bank fell 3.50% to trade at ₹1,201.00, while Bajaj Finserv dropped 3.35% to ₹1,784.15. IndiGo and Kotak Mahindra Bank also saw declines of 1.89% and 1.45%, respectively. Apart from this, a sharp decline was also recorded in the shares of HDFC Life and SBI Life Insurance.
