Stock Market: There was a lot of volatility in the market on the last day of the week, Sensex fell 148 points

Photo:FILE A lot of volatility in the market on the last day of the week

Stock Market: There is a lot of volatility in the market on the last day of the week. Sensex As soon as it opened, 342.07 points climbed to 59,108.66. Nifty It is trading at 17,643.85 with a gain of 101.05 points. Right now 21 stocks are seeing a decline. Only 9 stocks in such a way which are bullish. By the time of writing the news, the Sensex has fallen 148 points and is trading at 58,640.53.

Record fall in the market yesterday

The domestic stock market fell on Thursday and the BSE Sensex was in a loss of more than 770 points. Markets came under selling pressure amid a weak global trend and concerns over aggressive interest rate hike by central banks. Shares of Reliance Industries tumbled after the government raised taxes on exports of diesel and aviation fuel and increased duty on domestically produced crude oil on windfall gains. The 30-share BSE Sensex closed at 58,766.59, down 770.48 points, or 1.29 per cent. At one point during trading, it had fallen to 1,014.5 points. Similarly, the Nifty of the National Stock Exchange fell 216.50 points, or 1.22 percent, to close at 17,542.80.

Reliance Industries suffers the most

Among the Sensex shares, Reliance Industries was the biggest loser of 2.99 percent. Besides, Tata Consultancy Services, Sun Pharma, Tech Mahindra, Hindustan Unilever, Infosys, NTPC and Tata Steel were the major gainers. On the other hand, Bajaj Finserv, Asian Paints, Bharti Airtel, Titan, State Bank of India, Mahindra & Mahindra and IndusInd Bank were among the gainers. Of these, there was an increase of up to 2.58 percent. Out of 30 Sensex stocks, 23 were in losses.

Motilal Oswal Financial Services Ltd. Siddharth Khemka, Head of Retail Research, Head of Retail Research, Siddhartha Khemka, said, “The volatility in the local stock market came amid a weak global trend coupled with aggressive interest rate hikes by the Federal Reserve and concerns over the economic slowdown in China. In addition, inflation in the euro area rose to a record year-on-year basis of 9.1 percent in August and a 24-month high in Japan.

volatility in the domestic stock market

The domestic stock markets have remained volatile for the past few days. However, capital inflows from foreign institutional investors coupled with strong macroeconomic data supported the downside. According to official data released on Wednesday, the country’s economic growth rate was 13.5 percent in the April-June quarter of the current financial year due to the better performance of agriculture and services sector.

Vinod Nair, Head of Research, Geojit Financial Services said, “The domestic equity market was influenced by the global market. A sharp increase in the policy rate, high rate of inflation and a slowdown in the economy have put pressure on the stock markets of the world. Although India’s GDP (Gross Domestic Product) growth rate has been lower than the Reserve Bank’s estimate of 16.2 per cent in the first quarter, the manufacturing sector has seen strong activity so far in the second quarter. This indicates a strong revival in the domestic market. Besides, foreign capital inflows from FIIs will support the strength of the domestic market,” he added.

Other markets in Asia also softened

In other Asian markets, South Korea’s Kospi, Japan’s Nikkei, Hong Kong’s Hang Seng and China’s Shanghai Composite ended in losses. Major markets in Europe were in a downtrend in early trade. US markets remained in losses on Wednesday. Meanwhile, international oil benchmark Brent crude fell by two per cent to $93.73 a barrel. The rupee fell by four paise to close at 79.56 (provisional) against the US dollar. According to stock market data, foreign institutional investors bought shares worth Rs 4,165.86 crore on Tuesday. The market was closed on Wednesday on account of Ganesh Chaturthi.

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Shivam Bangwal

Shivam Bangwal is an Indian based entrepreneur who is a tech, travel and coding enthusiast with a post graduation degree on Master's of Computer Applications. He is a founder of Youthistaan, People News Chronicle, Hitchhike TV, Branding Panther and many more.
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