The deepening tension in Western Asia is directly impacting the pockets of investors. As soon as the market trading session started on Thursday morning, within just 5 seconds about ₹ 5 lakh crore of investors were washed away. In this strong storm of selling, major indices like Sensex and Nifty collapsed like a pack of cards, causing all-round chaos in the market.
Bombay Stock Exchange (BSE) Sensex opened at 76,369.65 with a direct dive of 494.06 points from its previous closing level of 76,863.71. Within a few minutes this fall became deeper. Around 9:15 am, the Sensex fell 915.72 points (1.19%) to the level of 75,947.99.
The condition of Nifty 50 of National Stock Exchange (NSE) was also no different. Nifty opened with a weakness of 192 points at 23,674.85. Due to initial pressure, this index fell by 264.85 points (1.11%) to 23,602.00. Every corner of the market seems to be in the grip of this huge selling and red mark is dominating in almost every sector.
Shares of big companies boomed
Strong shares like Reliance Industries saw a decline of 0.51% and settled at Rs 1383.95. HDFC Bank fell 0.65% to Rs 828.55 and Bharti Airtel fell 0.58% to Rs 1795.60. Major stocks of FMCG and IT sectors like ITC, Infosys, TCS, and Asian Paints also appeared under pressure.
Auto, metal and banking sectors have been hit the most. A huge fall of 1.5% to 1.74% was recorded in the shares of Maruti, SBI, Kotak Bank and Axis Bank. Shares like Indigo (2.94%) and Larsen & Toubro (2.56%) fell even more. However, amidst this utter disappointment, select IT stocks like Tech Mahindra and HCL Tech have tried to give some solace to the investors with slight gains.
Increasing pressure from foreign markets
This drastic decline cannot be linked to domestic reasons only. There has been disappointment on the foreign front also. There is huge weakness in Asian markets. Japan’s Nikkei index fell more than 848 points (1.54%) to 54,177.15. At the same time, Hong Kong’s Hang Seng and South Korea’s Kospi index have also fallen by more than one percent.
Disclaimer: This article is for information only and should not be considered as investment advice in any way. TV9 Bharatvarsha advises its readers and viewers to consult their financial advisors before taking any money-related decisions.