The Indian stock market has started with a very disappointing and shocking start on Friday. Both the major indices of the domestic stock market are seen diving deep into the red. In early trading itself, the Bombay Stock Exchange Sensex (BSE Sensex) fell by more than 700 points and came close to 76,700. At the same time, the National Stock Exchange’s Nifty (NSE Nifty) also showed a weakness of 191 points and closed below breaking the important level of 24,000. This sudden fall has created panic among investors and all-round selling is being seen. Devastation among IT giants: Infosys and TCS are the biggest losers. The main villain behind the decline of this market has proved to be the country’s IT sector (Nifty IT Index), which is witnessing a crash of up to 6 percent. There is heavy selling pressure in the shares of leading IT companies like Tata Consultancy Services (TCS) and Infosys since this morning. Along with these, Tech Mahindra and HCL Tech are also included in the list of top losers of the market today. According to market experts, the sentiment of Indian IT stocks has completely deteriorated due to the weak revenue outlook of global consulting giant Accenture on the American stock market Wall Street. Apart from this, the reduced possibility of interest rate cut by the US Federal Reserve in the global market and continuous selling by foreign institutional investors (FIIs) have added fuel to the fire. What should small investors do? Amidst this big correction in the market, experts believe that Nifty going below 24,000 can be a matter of concern for short-term traders. However, there is partial pressure in the broader market (midcap and smallcap) but defensive categories like pharma and healthcare sectors are trying to give some support to the market in this fall also. In such a situation, retail investors should avoid panic selling.
Comments are closed.