Sensex falls 300 points, Nifty below 23,700 as market extends losses. How long will the downtrend continue?
Indian stock markets opened lower on Tuesday, continuing their downward trajectory. The surge in crude oil prices coupled with anxieties over Federal Reserve rate hikes are major contributors to this decline. Moreover, the active IPO market is siphoning off significant capital from traditional stocks. Analysts expect this trend to extend in the near future and recommend that investors shift their…
On Tuesday, the Indian stock market saw a decline as Sensex dropped around 320 points to 75,809 and Nifty 50 fell 82 points to 23,697. Broader markets remained mixed, with Nifty Midcap 100 declining and Nifty Smallcap 100 rising. Major contributors to the losses were M&M, Tech Mahindra, TCS, HCL Technologies, Bharti Airtel, Trent, Axis Bank, Sun Pharma, Infosys, BEL, and Eternal shares.
Sector-wise, Nifty IT fell by 0.7% due to IT stock losses and IT sector worries, while Nifty Metal index gained 0.4%. The overall market breadth turned slightly positive, with 1,345 advances against 1,327 declines and 123 unchanged stocks. Analyst VK Vijayakumar of Geojit Investments suggests that the market may continue its downtrend due to elevated crude prices, concerns over a Fed rate hike, and a booming IPO market that is diverting funds from large-caps.
However, this trend may present opportunities for investors in large-caps, which are still weak despite improving fundamentals. The technical view suggests that Nifty may recover if it breaks above 23,860, with downside support at 23,720.
Written by urgent.news from The Economic Times - Top News's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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- Sensex, Nifty set for flat-to-negative opening thehindubusinessline.com
