Nifty is at two-month low after global slowdown in global markets

Sentiment has fallen in the stock markets. Due to the fall in the global markets, the Indian market is also declining continuously. The stock market closed negative for the fifth consecutive session on Thursday. The BSE Sensex was down 1,158 points at 52,390 while the Nifty was down 359 points at 15,808. Volatility index India […]
 


Nifty is at two-month low after global slowdown in global markets

Sentiment has fallen in the stock markets. Due to the fall in the global markets, the Indian market is also declining continuously. The stock market closed negative for the fifth consecutive session on Thursday. The BSE Sensex was down 1,158 points at 52,390 while the Nifty was down 359 points at 15,808. Volatility index India Wakes closed 6.4 per cent higher at 24.26. Out of 50 component counters of Nifty, 49 counters showed negative closure. Wipro’s lone stock was up 0.4 per cent. Broad remained quite negative in the broad market for the third consecutive day. In BSE, more than three stocks declined and one rose. According to market analysts, the market has broken an important psychological level and hence is going through a bearish phase. The 15,600 level is an important support level for the Nifty. If it breaks, it will be 15,000. So the coming season will prove to be very important for the Indian market.

There has been a huge decline for the stock market in the current week. The benchmark has broken in all the four sessions so far. On Thursday, the Nifty broke the 16,000 level and closed at a nine-week low. It had previously shown a surface of 15,600 in March 2022. It was at a low of 15,736 on Thursday. Nifty shares traded strongly. Which means it’s also going to be the most confusing time of the year. Adani Ports indicated the biggest fall in the counters of Nifty with 6 per cent. Besides, IndusInd Bank was down 6 per cent, Tata Steel 4 per cent, Tata Motors 4 per cent, Hindalco 4 per cent, JSW 4 per cent and Bajaj Finance 4 per cent. While Wipro was the only company which indicated marginally positive closure. In terms of sectoral performance, public sector bank stocks witnessed heavy selling on the back of adverse results. PNB shares fell up to 13 per cent. Other stocks also declined. The Nifty PSU Bank index fell 5.4 per cent. As a result, Bank Nifty was down 3.4 per cent. Nifty Metal also broke with a gain of 3.7 percent for the second day in a row. Nifty Realty was down 2.1 per cent, Nifty Energy was down 2.8 per cent and Nifty FMCG was down 1.2 per cent.

Talking about the broader market, 2,615 out of 3,446 counters of BSE closed with a fall. While 746 showed improvement. Thus, with more than three stocks down, one stock was viewed as positive. Over 330 stocks touched their annual lows. More than 50 per cent of the shares on the BSE are trading below their 52-week low. Which shows the intensity of selling in mid and smallcap. On the NSE, the midcap index was down 2.33 per cent and the smallcap index was down 1.87 per cent. Both are trading at their six-month low.

In the NSE derivatives segment, Indiabulls Housing showed the best improvement with 7 per cent. Apart from this, Gujarat Gas rose by 5.5 per cent, Ambuja Cement by 4.4 per cent, Chambal Fertilizer by 1.4 per cent, IOC by 1.4 per cent and Abbott India by 1.3 per cent. On the other hand, Rain Industries was down 6.3 per cent, RBL Bank 6 per cent, IndusInd Bank 6 per cent, Federal Bank 6 per cent, Vodafone Idea 6 per cent, IRCTC 6 per cent and Tata Chemicals 5 per cent.