stock market Today was a very bad day for investors. After opening the market in the green on Monday, the first trading day of the week, the news of the entry of the Chinese virus HMPV in India led to huge selling in the Indian market and within no time investors lost Rs 11 lakh crore. Sensex and Nifty 50 fell more than 1.5% today. There was selling in stocks of all sectors including private banks, FMCG shares. Mid cap and small cap stocks were hit the most. However, large cap stocks also could not escape this fall.
This is how investors lost Rs 11 lakh crore
Let us tell you that the market cap of companies listed on BSE was more than Rs 4.49 lakh crore on Friday i.e. January 3. Today it was reduced to Rs 4.38 lakh crore due to selling pressure. In this way, investors lost Rs 11 lakh crore in one day. Let us tell you that today BSE Sensex fell by 1258.12 points and closed at 77,964.99 points. Similarly, NSE Nifty closed at 23,616.05 with a big fall of 388.70 points.
Now what are the predictions for the future?
Santosh Meena, Research Head, Swastika Investmart Told that there was a sharp decline in the Indian stock markets today. Both Nifty and Bank Nifty have slipped below their 200-day moving averages (DMA). The reason for the selling could be an increase in selling by foreign institutional investors (FIIs) and concerns about the upcoming third quarter earnings session. Additionally, news of the entry of the Chinese virus HMPV virus into India has further added to the bearish sentiment, triggering a fresh round of selling after the recent pullback rally. Overall market sentiment is weak. However, there remains a ray of hope for the bulls. Both Nifty and Bank Nifty are currently trading near their important support levels of 23,500 and 49,700 respectively, which may provide some relief to the bulls.
Selling will increase if support is broken
Market experts say that Nifty and Bank Nifty closed today on support. If this support breaks on Tuesday then a bigger fall may be seen in the market. At the same time, if there is a pullback, the momentum may return. However, there is little hope that the rise will continue. Selling dominates the market.
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