Indian Stock Market The last trading week was a loss for the (Share Market). Due to the fear of recession in America, a big sell-off was seen in the stock market. With this, the boom that was going on for eight consecutive weeks came to a halt. In Friday’s session, the Nifty fell 293 points to 24,717 and the Sensex fell 855 points to 80,981. This is the first time since the last week of May that the market has seen a decline on a weekly basis. The fear of recession in America has created fear in the minds of investors. In such a situation, can the market see further decline or can the market recover and reach a new record high once again? Let’s know.
Why did the market fall?
Market experts say that the domestic market has seen a broad-based sell-off this week as the market has nothing new to look forward to. The June quarter results are also mixed, which has increased the decline in the market. On a weekly basis, Nifty Realty (3.76 percent), Nifty IT (3.04 percent), Nifty Auto (2.04 percent), Nifty FMCG (1.57 percent) and Nifty (1.16 percent) were the biggest losers. On the other hand, Nifty Energy (2.53 percent), Nifty Pharma (1.39 percent) and Nifty Media (1.19 percent) were the biggest gainers with positive returns.
Will the decline continue further?
On the decline in the market, Choice Broking says that Nifty closed down by 293 points on Friday after gap down. This is indicating a failure of breakout in Nifty as no buying was seen in the decline. Market experts say that geopolitical tensions have increased due to the recession in America and the fresh war between Israel and Hamas. Its effect has been seen on the markets all over the world. In such a situation, there is a possibility of further decline in the market.
Auto stocks took a beating
On weekly basis, Eicher Motors (5.7%), ITI Mindtree (4.8%), Grasim Industries (4.8%), Mahindra & Mahindra (4.8%), Wipro (4.3%) and Hero Motocorp (3.7%) were the top losers in the Nifty, while NTPC (5.9%), BPCL (5.6%), Asian Paints (5.3%), Divis Laboratories (4.2%), Power Grid Corporation (4.1%) were the top gainers, gaining.
Input: IANS
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