Stock Market Crash: Stock market shows fear of PM Modi’s appeal on gold, petrol and diesel, opening crash
New Delhi. The stock market witnessed a sharp decline on Monday, the first trading day of the week and both the Sensex-Nifty indices crashed as soon as they opened. The rise in crude prices due to failure to renegotiate the US-Iran peace proposal put pressure on the market. Apart from this, there was fear in the stock market due to Prime Minister Narendra Modi’s appeal not to buy gold and save petrol and diesel amid Middle East Tensions.
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The Bombay Stock Exchange’s 30-share Sensex index opened with a huge fall of 944 points compared to its previous close, while the National Stock Exchange’s Nifty index also slipped by 275 points with the opening.
Indexes crashed as soon as they opened
BSE Sensex opened at the level of 76,638 with a sharp fall compared to its previous closing of 77,328 and then within a few minutes this fall started increasing rapidly. Within 5 minutes of trading, BSE Sensex slipped 944 points to 76,363. If we talk about NSE’s Nifty, its condition is also similar to Sensex. This 50-share index opened at the level of 23,970 with a sharp decline compared to its previous closing of 24,176 and then suddenly fell by 275 points to 23,895.
Why is the stock market in fear?
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There are not one but many big reasons for this big fall in the stock market. In fact, the biggest reason can be considered to be PM Modi’s statement in which he appealed to the people of the country not to buy gold and save petrol and diesel. PM Narendra Modi has said that there is a war going on in our neighborhood, which is affecting the whole world including India. He appealed to the people not to buy gold for a year and focus on saving fuel. Apart from this, the proposal for peace talks between America and Iran seems to have deteriorated once again. After this, the prices of crude oil have again risen in the international market. Brent Crude Oil Price jumped by more than 3 percent in one fell swoop and with the increase in global tension, the fear of increase in inflation has put pressure on the stock market.
Red everywhere in the market
Due to this fall in the stock market on Monday, everything from BSE Largecap to Smallcap was seen red. Big stocks like TCS, Infosys, Tech Mahindra, SunPharma, Tata Steel, ICICI Bank, Kotak Bank, ITC were seen trading in the red zone.
Talking about the stocks that fell the most, Titan Share (6.50%), IndiGo Share (4%), SBI Share (3.50%), Eternal Share (3.30%), Bharti Airtel Share (2.60%) were trading down. In the midcap category of BSE, Ashok Leyland Share (3.40%), Godrej Properties Share (3.20%), Muthoot Finance Share (3.15%), Suzlon Share (2.50%), Paytm Share (1.50%) were seen declining.
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