The ups and downs in the stock market are not showing any signs of stopping. The stock market was bullish till this morning, but after noon, selling in IT shares started and by the time the market closed, both Sensex and Nifty moved from green to red.
The reason behind this sudden fall in the stock market was the uncertainty about the interest rate cut by the US Fed and the selling in IT stocks, Sensex points and Nifty points fell below the level of 24 thousand.
Out of 30 shares of Sensex, this many shares of ‘Lal’
If we look at the chart of 30 shares of Sensex, out of these 29 shares reached the red mark at the time of market closing. The only stock in the chart which closed on the green mark was SBI’s share, which saw a rise of 0.59 percent.
So many shares of Nifty 50 went ‘red’
If we look at the chart of 50 shares of Nifty, except the shares of 4 companies, shares of 46 companies closed in the red. The stocks which saw rise in Nifty 50 were ADDeskENT, SHRIRAMFIN, SBIN and CIPLA.
How much market cap decreased?
The market cap of all the companies listed on BSE declined by Rs 1.52 lakh crore due to today’s fall to reach Rs 442.96 lakh crore. IT stocks fell as much as 4% as US inflation data indicated the pace of interest rate cuts would be slower than expected. The Nifty IT index fell 2.3%, led by LTTS, Infosys, Tech Mahindra and HCL. Stay standing.
On the other hand, shares of Adani Group companies rose as much as 9.3% after the group clarified that last week’s indictment did not accuse its key executives of violating the US Foreign Corrupt Practices Act.
There was a rise in these shares of Adani
Adani Energy Solutions and Adani Total Gas were the biggest gainers, rising 9% and 9.3% respectively. Shares of Adani Green Energy also jumped by 8.3%, reaching the day’s high of Rs 1,072. Shares of Adani Power, Adani Enterprises, Adani Wilmar and Adani Ports rose up to 5%. The group’s shares rose by about $14 billion on Wednesday after suffering a loss of about $34 billion till Tuesday since the prosecutor’s action.