Mumbai, May 10 (IANS). The Indian stock markets closed rapidly during the week. The growing geopolitical tension between India and Pakistan caused panic among investors and a wave of selling in all sectors ran, which saw the impact on the stock market as a decline.
The Nifty fell 1.39 percent to close at 24,008, while the Sensex fell 1.30 percent to close at 79,454.47.
Reality, banking, pharma and financial service stocks declined the biggest decline according to the sector, with a decline between 2 percent to 6 percent.
On the other hand, auto and media stocks showed some strength and helped reduce the decline.
The broad markets were also affected, in which the mid-and small-cap index fell between 0.90 percent and 2.17 percent.
The next week is expected to be important for markets.
Experts said that in the growing geopolitical situation between India and Pakistan, any kind of development will be focused.
Ajit Mishra of Railways Broking Limited said, “Apart from this, major economic indicators such as the Consumer Price Index (CPI), wholesale price index (WPI) and trade data will also be closely monitored.”
He said, “Technically, the Nifty remains close to the major moving average and there is a possibility of further decline.”
According to Mishra, immediate support for Nifty is at 23,800 level and if this level is broken, the index may fall towards 23,200.
He said, “upwards, any boom may face strong resistance in the area of 24,400-24,600.”
Given the current uncertainty, analysts have advised investors to be vigilant.
He said, “The market volatility is increasing due to geopolitical stresses, so it is better to focus on individual shares instead of adopting an aggressive stance. A safe strategy is recommended to manage close-term risks and it will be important to navigate markets.”
-IANS
SKT/KR
