Share Market Today: The rally that has been going on for three trading days in the Indian stock market has finally come to a halt…
highlights
- After three days of rally, profit booking dominated the Indian stock market.
- Sensex fell by 504 points and Nifty also fell by more than half a percent.
- Weakness in global markets, selling in tech stocks and geopolitical tensions have increased the pressure.
Share Market Today: The rally that had been going on for three trading days in the Indian stock market finally got a break. The market started weak on Thursday and the selling pressure increased as the day progressed. At the end of trading, BSE Sensex closed at 83,313.93, down 503.76 points or about 0.60 percent. At one point during the day, the Sensex had slipped by 666 points, making it clear that investors had started booking profits at the upper levels.
Nifty also under pressure, slipped below 25,650
Like Sensex, NSE Nifty also closed with weakness. Nifty fell 133.20 points or 0.52 per cent to 25,642.80. After the excitement over the India-US trade deal in recent sessions, there is now a slight coolness in the market and investors are waiting for new triggers.
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Which stocks pulled the market down?
If we look at the Sensex stocks, selling was seen in big stocks like Eternal, Bharti Airtel, Bharat Electronics, ITC, Infosys, Reliance Industries, ICICI Bank and Asian Paints. The weakness in these heavyweight stocks put direct pressure on the index.
On the other hand, there was buying in stocks like Trent, Tata Steel, State Bank of India and Bajaj Finance, but this rise was not enough to handle the market.
Global signals increased concern
The impact of global factors on the domestic market was also clearly visible. In Asian markets, South Korea’s Kospi fell by about 4 percent, while Japan’s Nikkei and China’s Shanghai Composite also closed in the red. However, Hong Kong’s Hang Seng closed with a slight gain. The weak trend continued in European markets also. Talking about America, due to selling in tech stocks, Nasdaq fell by 1.51 percent and S&P 500 also fell by 0.51 percent, although Dow Jones closed with a slight rise.
Keep an eye on RBI policy and global signals
Now the market’s eyes are fixed on the upcoming RBI monetary policy meeting. Apart from this, the attitude of foreign institutional investors and global geopolitical situation will also decide the direction. Even though FIIs may have made purchases worth Rs 29.79 crore on Wednesday and DIIs may also have been net buyers, investors seem to be avoiding making big bets at the moment.
Decline in crude oil also indicated
Meanwhile, the price of Brent crude fell by 1.32 percent to $ 68.54 per barrel. The softening of crude oil may be a relief for India in the long term, but at present the market mood remains cautious.
Disclaimer: This article is for informational purposes only and should not be construed as investment advice in any way. ET NOW Swadesh recommends its readers and viewers to consult their financial advisors before taking any money-related decisions.
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