Yesterday a tremendous rise was seen in the stock market, but today the market came under pressure as soon as it opened. All Indian market indices including Sensex, Nifty and Bank Nifty are trading in the red. At 9:20 am, Nifty fell 30 points to 25,863, while Sensex fell 150 points to 84,400. Bank Nifty is also trading with a slight decline.
Due to increasing tension between America and Russia, a significant rise is being seen in the shares of defense companies today. After the US imposed sanctions on Russian oil companies, Putin called the action an “act of war”. Defense companies have also received new orders. Of the top 30 BSE stocks, 26 have declined, while four have registered marginal gains. Hindustan Unilever saw the biggest decline of 3.37 percent. Besides, shares of Kotak Mahindra Bank, Axis Bank and PowerGrid declined around 2% each.
Why did the Indian stock market fall?
The stock market witnessed a tremendous rise during Dhanteras and Diwali, taking it close to its all-time high. The market has also reached its highest level of 52 weeks. As a result, investors are making profits and looking to take some of the money home. Meanwhile, tensions are rising between Russia and the US after the US imposed new sanctions on Russian oil companies. Global markets have also declined, due to which the Indian market is under pressure.
surge in defense stocks
Bharat Dynamics shares have gained 3% and are trading at ₹1555. Paras Defense shares rose 1.70% to ₹720. Shares of Cochin Shipyard also rose by 1.55%. Besides, shares of HAL, Mazagon Dock Shipyard and Garden Reach Shipbuilders also rose around 2% each.
Which stock fell the most?
Shares of HUL and Cipla fell more than 3%. Apart from this, shares of Vardhman Textiles, Colgate, Aster and Ramco Cement also fell by up to 2%. Shares of HPCL, Dabur India and Godrej fell by 1.50% each.