Outcry in the stock market: Big fall in Sensex-Nifty, investors upset due to washing of IT shares.

Indian Share Market Crash Today: Friday proved to be a very disappointing day for the Indian stock market. Due to increasing geopolitical tensions globally and weak foreign cues, the Indian stock market closed with heavy losses for the third consecutive trading day. In today’s session, both Sensex and Nifty recorded a big fall of more than 1 percent, which has dealt a big blow to investors’ portfolios.

Market condition and index status

At market close, the 30-share BSE Sensex closed at 76,664.21, down 999.79 points or 1.29 per cent. At the same time, pressure was clearly visible in NSE Nifty 50 and it slipped by 275.10 points or 1.14 percent and stopped at the level of 23,897.95.

There was an atmosphere of instability in the market during the day’s trading. The Sensex opened at 77,483.80, but under selling pressure it fell 1,260 points to a low of 76,403.87. Similarly, Nifty also opened at 24,100.55 and fell to its lowest level of 23,813.65.

Biggest decline in IT sector

Today’s biggest blow fell on the IT sector. A huge fall of 5.29 percent was recorded in the Nifty IT index, which was mainly responsible for spoiling the market sentiment. Major stocks like Infosys, TCS, Tech Mahindra and HCL Tech saw a decline ranging from 3.2 per cent to 6.9 per cent. Apart from this, Nifty Media, Pharma, Realty and Healthcare indices also closed in the red, indicating widespread selling in the market.

Geopolitical tension became a major reason

Market experts believe that the increasing tension between America and Iran in the Middle East and the rise in crude oil prices are directly affecting the market sentiment. There is an atmosphere of nervousness among investors due to the situation in the Strait of Hormuz and lack of clarity on the Lebanon-Israel ceasefire. Along with this, the withdrawal of foreign investors at the domestic level and the weakness of the rupee have put additional pressure on the market.

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Opinion of technical experts

According to market experts, Nifty 50 is in a very weak position from a technical point of view. Nifty slipping below the important level of 24,000 is a negative sign. Although there was a slight recovery in the end and it managed to close around 23,900, but it has fallen below its 20-day EMA, which shows weakness in the short term. RSI falling below 50 also indicates that the bullish power in the market is waning.

Experts say that the level of 23,800 will act as a strong support in the coming sessions. If Nifty slips below this, the fall could extend to 23,600. At the same time, the level of 24,000 on the upside has now become a strong resistance, only after crossing which recovery can be expected in the market. At present, investors are being advised to trade cautiously.