BSE Sensex witnessed pressure today on Tuesday and closed at 77,017.79 with a fall of 251.61 points. Nifty 50 also fell by 86.50 points and closed at 24,032.80.
Business News: Today, on Tuesday, once again an atmosphere of instability was seen in the domestic stock market. After the initial fall, recovery was seen for some time, but in the end the market closed under pressure. BSE Sensex fell 251.61 points to close at 77,017.79, while NSE Nifty 50 also fell 86.50 points to 24,032.80.
At one time during the day, there was a sharp fall of about 750 points in the Sensex, due to which there was increased nervousness among the investors. However, the market later recovered the losses to some extent by returning to buying in midcap and smallcap stocks.
Recovery in midcap and smallcap, but sentiment weak
A slight recovery was seen in the midcap and smallcap indices on the National Stock Exchange (NSE). Due to buying in many selected stocks, a positive atmosphere was created in the market for some time, but this momentum could not last. In today’s trading session, about 1,890 shares registered a rise, while 2,110 shares saw a decline. There was no change in 169 shares, which shows the uncertainty of the market.
Main reasons for market decline
According to experts, pressure from many global and economic factors was seen on the domestic market, which had a direct impact on investor sentiment. America-Iran Tension: Tension between America and Iran regarding the Strait of Hormuz is continuously increasing. News of increasing military confrontation and attacks in the Gulf region has increased concerns in global markets. This area is considered extremely important for global oil supply.
Jump in crude oil prices: Brent crude oil prices have again reached near $ 114 per barrel. This rise in oil prices causes concern for import-dependent countries like India, as it could impact inflation and trade deficit. Rupee weakness: The Indian rupee fell to a record low of 95.43 against the US dollar.
On Tuesday, a further fall of 20 paise was recorded. The weakness of the rupee affected the sentiment of foreign investors, putting additional pressure on the market. There was widespread selling pressure in the market, although limited buying continued in some sectors. There were ups and downs in banking, IT and oil and gas sectors. Buying in midcap and smallcap stocks controlled the fall to some extent, but the major indices closed in the red.
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