On Tuesday, there was a huge fall in the domestic stock market with the expiry of Nifty’s weekly options. Selling pressure is clearly visible in the market for the last four days. Aggressive selling had the biggest impact on the IT index. Maximum selling was seen in indices like Realty, Consumer Durables, NBFC and Private Banks. Only Oil & Gas and Metal indices were trading with slight gains. At the end of trading, Sensex fell 1,456.04 points (1.92%) to close at 74,559.24. At the same time, Nifty fell 436.30 points (1.83%) and closed at 23,379.55.
At around 11:30 am, Sensex was trading 850 points lower at 75,166. Meanwhile, Nifty fell 224 points to close at 23,591. Bank Nifty fell 574 points to close at 53,865. The Nifty Midcap index was trading 1.3% lower, while the Nifty Smallcap index was trading 1.7% lower. Shortly after the market opened, Sensex slipped 350 points below the 23,800 level. Weakness was also seen in Bank Nifty, which was trading with a decline of about 180 points. Metal and Oil & Gas stocks witnessed gains, while IT stocks faced selling pressure.
At 9:23 am, Sensex was trading at 75,581, down 430 points. Nifty was trading around 23,698 with a fall of 119 points. The fall in Bank Nifty also deepened, and the index was trading around 258 points lower at 54,185. Nifty Midcap and Smallcap indices were also trading lower, falling between 0.6% and 0.9%. In Nifty, Infosys, Tech Mahindra, TCS, HCL Tech, Wipro, SBI Life, HDFC Life, Bajaj Finance, ICICI Bank, Asian Bank and HDFC Bank were among the biggest losers. In contrast, ONGC saw a gain of over 3%. Hindalco, Max Health, Tata Steel, Coal India, Nestle, Reliance and Sun Pharma were among the gainers.
Meanwhile, global cues continue to look weak. The crisis in West Asia is deepening, crude oil prices remain around $105, and heavy selling by FIIs may further add to the pressure on the market.
On the other hand, in his second address to the nation within 24 hours, PM Modi has stressed on avoiding buying gold, reducing consumption of petrol and diesel and adopting a culture of ‘work from home’. Today, the market’s focus will be on CPI inflation data, crude oil prices, global markets and earnings results of major companies.
**PM Modi’s second big appeal: Advice not to buy gold**
Amid the crisis in West Asia, Prime Minister Narendra Modi has made his second major appeal to citizens within 24 hours. PM Modi said that until the situation becomes normal, people should avoid buying gold, and reduce consumption of petrol, diesel and edible oil to save foreign exchange. He also urged companies to adopt ‘work from home’ policy and schools to conduct online classes. The impact of these statements can be seen on the shares of jewellery, aviation, FMCG and EV sectors in the market.
**Trump’s new threat: Tension between US-Iran increases again**
After rejecting Iran’s peace proposal, US President Donald Trump has issued an important statement. Trump stressed that the ceasefire in the Middle East could break at any moment. Meanwhile, the speaker of Iran’s parliament said that any attack by the US would be given a befitting reply, adding that the US has no other option but to accept Iran’s proposal. These statements have maintained tension in global markets.
