Share Market: After continuous rise, the market slipped, Sensex fell by 893 points; Heavy fall in IT and metal shares

Share Market Closing Bell: After continuous rise, the Indian stock market closed in the red on Tuesday, the second trading day of the week. Sensex and Nifty fell by more than 1.1 percent due to heavy selling in metal, IT and public sector banks shares and weakness in Asian markets and continuous selling by foreign investors. The decline in global stock markets also affected the domestic stock markets.

The 30-share BSE Sensex fell 893.39 points or 1.16 percent to close at 76,200.68, while the NSE Nifty50 fell 278.80 points or 1.16 percent to 23,824.10. In the broader market, Nifty Midcap and Nifty Smallcap indices closed down by 1.05 per cent and 0.48 per cent respectively.

Nifty Metal fell by more than 3%

Whereas, if seen sector wise, Nifty Metal declined by more than 3 percent and became the worst performing sector among its peers. Nifty IT and Public Sector Banks also performed disappointingly, while Nifty Pharma and Nifty Healthcare performed better. Infosys, Wipro, TCS and JSW Steel were the biggest losers in the Nifty50 index. Apart from this, shares of Tata Steel, Hindalco, BEL and Jio Financial Services fell by more than 2 percent.

Why did the domestic stock market suddenly fall?

in Tuesday’s session indian stock market The biggest blow came from the South Korean market, where the Kospi, the key index, fell by 10 percent, after which the exchange had to stop trading for 20 minutes. This step was taken to control investor panic and sharp selling. Even after trading resumed, Kospi’s fall increased to more than 9 percent.

Apart from this, Japan’s Nikkei 225 fell by about 3.2 per cent, China’s Shanghai Composite slipped by 2 per cent and Hong Kong’s Hang Seng was also seen trading down by about 2 per cent. On the other hand, selling by foreign investors continues, and on Monday, FIIs sold shares worth about Rs 635.91 crore. The value of rupee also fell by 6 paise to 94.69 against the dollar. Due to all these reasons, the pressure on the domestic market increased and the decline increased further in the last minute.

Expert opinion regarding the market

A market expert said that amid negative signals and cautious environment globally, the initial gains did not last and market sentiment weakened. The downside pressure further increased due to profit booking after the recent rally, leading to widespread weakness across key sectors. The expert further said that due to concerns about demand amid falling global prices and an uncertain environment. metal sector The highest decline was recorded in. The domestic IT sector also remained under pressure; Due to which there were continuous concerns regarding the decline in the global tech sector and the changes caused by AI in the Indian IT space.

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The expert further said that although stable crude oil prices and reduction in geopolitical tensions provided some relief, investors maintained a cautious stance and focused on the progress of monsoon and the ongoing US-India trade talks.