Stock Market: There were fluctuations in the market on the last day of the trading week. At the end of the trading session, Sensex-Nifty closed with a decline. Today there was selling in midcap and smallcap shares. A decline was also seen in realty, oil-gas and pharma shares. Energy, Auto and PSE indices also closed on the decline. At the same time, FMCG and IT indices closed with gains. Sensex fell 330 points and closed at 76,190. Nifty fell 113 points to close at 23,092. Nifty Bank fell 221 points to close at 48,368. Midcap fell 836 points to close at 53,263. 19 out of 30 Sensex stocks declined. Selling was seen in 32 out of 50 Nifty stocks. At the same time, 10 out of 12 shares of Nifty Bank declined.
Amey Ranadive, Senior Technical Analyst at Stocksbox Says Indian benchmark indices gave up their early gains. They had benefited from good global signals at the beginning of their trading session. The main reason for the slowdown has been concerns about softening corporate earnings. The disappointment stemming from the weak results largely offset the impact of falling oil prices and expectations of a US rate cut. Today’s decline was broad based. In which small cap shares suffered the most loss. Due to the fall in the market, 11 out of 13 major sectors, except IT and FMCG, closed in the red. Pharma and media stocks faced the most pressure.
Vinod Nair of Geojit Financial Services It is said that there is turmoil in the market. Sentiment is so bad that even results coming in line with expectations are fueling selling. There is pressure in the broader market. But large cap stocks are showing some resilience. From taper-tantrums to geopolitical risks, the Indian market has faced many challenges in its history. Similarly, the US dollar’s movement may also reverse once market yields stabilize. The recession in the market will not last long. For long term investors, this is not the time to sell but to be patient and adopt a gradual buying strategy.
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