A lot of fluctuations were seen in the stock market on the last trading day of the week. Sensex and Nifty closed with huge losses. The Sensex fell 1,079 points or 1.37% to 78,918.90, while the Nifty fell 315 points to 24,450. Today 23 out of 30 Sensex stocks were in loss.
nifty top losers
ICICI Bank (-3.13%) was the top Nifty loser in Friday trading. HDFC Bank (-2.34%), SBI (-2.54%), and Axis Bank (-2.54%) also fell more than 2.50%. Defense PSU stock Bharat Electronics Limited (BEL) was the top gainer, gaining 2.52% among defense stocks. Meanwhile, ONGC gained 1.28%, while Reliance gained 1.27%.
How was the start of the market?
The market opened with another decline in the last trading session of the week. This morning, Nifty fell 109 points to 24,656 and Sensex fell 356 points to 79,659. Yesterday, Nifty closed at 24,765, up 285 points. Today, the rupee opened 5 paise lower at 91.65 against the dollar.
Which sectors are booming and where is there pressure?
Mixed performance is being seen in the sectoral index. IT, pharma, media and healthcare indices are in the green. The maximum increase of about 1.5% is being seen in the IT index. At the same time, decline is being seen in Auto, Financial, PSU Bank, Realty, FMCG and Metals.
Who are the top gainers and losers?
For Nifty 50, Bharat Electronics, HCL Tech, Tech Mahindra, TCS and Reliance are the top gainers. There is an increase of about 2% in these. Meanwhile, ICICI Bank, Indigo, LT, HDFC Bank and Max Healthcare were the top losers, falling up to -2.5%.
Why is the market so volatile?
According to media reports on Thursday, Iran’s Foreign Minister said that Iran is ready to end its nuclear program conditionally. Due to this, there was a big recovery in the market.
Meanwhile, President Trump said that Iran was ready for talks during the war, but now it has delayed it.
The latest statement by the Iranian Foreign Minister is that how can we resume talks with a country that repeatedly breaks its promises.
What is the Good News?
The good news is that the US has given India a 30-day exemption to buy oil from Russia. In this scenario, the impact on India from the supply crisis due to the Strait of Hormuz will be reduced. Apart from this, India will be able to buy oil at lower prices.
Nifty rose 285 points yesterday.
It is worth noting that on Thursday Nifty had increased by 285 points and closed at 24,765. However, today Nifty saw a big fall of -150 points, indicating a gap-down opening. Before Market Guru, let us understand what are the positives and negatives for the markets today.
negative for today
Trump’s statement that he will not accept the new leadership of Iran
Huge decline in US market
Crude oil prices reached $86
Despite yesterday’s strong market, financial institutions sold
The war shows no signs of slowing down.
Provocative statements continue from both sides
Volatility is high due to war reports and statements
There is always a fear of bad news during the weekend session
positive for today
US approved to buy some Russian oil
Support came from continuous buying of domestic funds
Financial institutions sold yesterday, but to a lesser extent
Yesterday’s recovery reduced the risk of breaking a major support level
Rupee recovered well
India VIX’s gains reduced