The first day of trading was nothing special for the stock market. Negative news from global markets and the ongoing war in the Middle East led to the selloff. The rise in crude oil prices spoiled the market environment, due to which there was pressure on the market from the first hour itself. Investors suffered a loss of ₹8 lakh crore in the day’s trading.
How was the market performance?
After day-long volatility, the Sensex fell 1,352.74 points to close at 77,566.16. At the same time, Nifty fell by 422.40 points to 24,028.05. At one point, Nifty had gone below the 24,000 mark but got some support with a slight recovery in the last few hours.
Why did the market fall?
Crude oil prices crossed $100-115 per barrel amid the supply blockade in the Strait of Hormuz. This may increase inflation in an oil importing country like India. That is why investors were seen selling in most sectors. Iran’s growing conflict with the US and Israel has scared foreign investors, due to which they are withdrawing a lot of money from the Indian market. There was no scope for survival in the market today. Investors made huge profits in big sectors like banking, auto and real estate.
top gainers
Wipro (1.64%)
HCL Tech (0.42%)
Sun Pharma (0.31%)
top losers
Nifty PSU Banks fell more than 4%
Maruti Suzuki (-4.67%)
Mahindra & Mahindra (-4.44%)
SBI (-3.62%)
condition of oil companies
Indian energy stocks suffered significant losses due to the rise in crude oil prices due to the war in the Middle East. Brent crude oil rose nearly 24% and US crude oil (WTI) rose 25%, putting state oil companies under pressure.