Mumbai, 25 April (IANS). After the terrorist attack in Pahalgam in Jammu and Kashmir, the Indian stock market closed in a red mark on the last trading day of the week amidst increasing tension between India and Pakistan.
The Sensex started the business with a positive attitude and reached the highest level of 80,131. However, the market declined rapidly after reports of ceasefire violations on the India-Pakistan border and the Sensex fell by 1,525 points to a low of 78,606.
However, the Sensex closed at 79,212.53 level after some recovery by some recovery by the end of trading. Similarly, the Nifty also managed to do some recovery and closed at 24,039.35 after falling 207.35 points or 0.86 percent.
The beautiful Kewat of the Ashika Institutional Equity said, “The growing geopolitical stress between India and Pakistan has made a huge impact on the notion of investors, causing a cautious start for Indian equity.”
Despite a sharp decline, the benchmark index closed the week on a positive note. During the week, the Sensex increased by 660 points and the Nifty by 187 points.
The Sensex Pack featured Axis Bank, Eater, Powergrid, NTPC, Maruti Suzuki, Bajaj Finance, Tata Motors, Tata Steel, SBI and Bharti Airtel top gainers.
At the same time, TCS, Infosys, Tech Mahindra, UltraTech Cement, IndusInd Bank and Hindustan Unilever Limited were the top losis.
The Nifty Bank closed at 54,664.05 level after a decline of 537.35 or 0.97 percent.
At the same time, selling was also recorded in midcap and smallcap. The Nifty Midcap 100 index fell by 1,399.65 points or 2.55 percent to 53,570.20 and the Nifty Smallcap 100 index fell 416.30 points or 2.45 percent to close at 16,547.20.
All the index, except IT on the sectoral front, closed in red mark. The Nifty media recorded the biggest decline, which closed 3.24 percent at the end of the trading.
In addition, Nifty reality 2.81 percent, Nifty PSU and Nifty Pharma closed at 2.24 percent, Nifty Energy 2.22 percent and Nifty Metal 2.10 percent.
LKP Securities’s metaphor said that the Nifty has declined after consolidation on the daily chart, which is a sign of an increase in bearish sentiment.
He said, “The ‘century’ in the short term will carry forward the market trend and is likely to go down the index. The support at a lower level is kept from 23,515 to 23,800 levels.”
-IANS
SKT/ABM
