Sensex falls by more than 700 points; Ambuja Cement's profit falls by 38.51%

The Indian stock market fell sharply on Wednesday, with the Sensex falling by more than 700 points. The Nifty also fell by more than 200 points.

The Sensex was trading at 65,700 level at the time of writing, down 727 points from its previous close. The Nifty was trading at 19,500 level, down 214 points.

The sell-off was broad-based, with all the major sectors declining. The biggest losers were the IT and metals sectors.

The decline in the stock market was led by the release of weak corporate earnings. Ambuja Cement, a subsidiary of Adani Group, reported a 38.51% decline in its net profit for the first quarter of the financial year 2024.

Other companies that reported weak earnings include Titan and HPCL.

The decline in the stock market also comes amid concerns about the global economic slowdown. The US Federal Reserve is expected to raise interest rates later this month, which could lead to a slowdown in global growth.

Here are some key details:

Sensex fell 727 points to 65,700 level

Nifty fell 214 points to 19,500 level

IT and metals sectors were the biggest losers

Ambuja Cement reported a 38.51% decline in its net profit

US Federal Reserve is expected to raise interest rates later this month

Experts' views:

"The sell-off in the stock market is due to a combination of factors, including weak corporate earnings and concerns about the global economic slowdown," said Madan Sabnavis, chief economist at Bank of Baroda.

"The market is likely to remain volatile in the near term, as investors will be closely watching the developments on the global front," said Vinod Nair, head of research at Geojit Financial Services.

What next?

The market is likely to remain volatile in the near term.

Investors should focus on quality stocks and avoid trading in volatile stocks.

Investors should also keep a close watch on the global economic developments.