There was a sharp decline in the stock market on Tuesday also. After the crash of both the market indexes on Monday, there was a crash on the second trading day of the week also. The Bombay Stock Exchange’s 30-share Sensex was seen trading down by more than 700 points, while the National Stock Exchange’s Nifty index was also trading down by more than 160 points. The biggest decline was seen in the shares of Infosys, Tech Mahindra, TCS and other tech companies.
Prime Minister amid Middle East tension Narendra Modi There was fear in the stock market for the second consecutive day after the appeal of not buying gold and limited use of petrol and diesel. PM Modi also repeated his appeal within 24 hours.
Sensex-Nifty kept falling apart
At the start of trading, the BSE Sensex opened at a level of 75,688 with a sharp decline from its previous closing level of 76,015 and then within a short time its decline became more rapid. In just 5 minutes of trading, BSE Sensex fell by more than 723 points to the level of 75,291.
Not only Sensex, but NSE Nifty also fell apart in no time as it opened in the red zone. This 50-share index opened at 23,722 compared to its previous closing of 23,815 and then slipped to 23,633, keeping pace with the Sensex.
Shares of IT companies crash
share market Amidst the sharp decline, IT companies were seen suffering the most losses. If we look at BSE Largecap, TCS Share (3.61%), Infosys Share (3.30%), Tech Mahindra Share (2.80%), HCL Tech Share (2.30%) were trading in decline. Apart from this, if we look at other falling stocks, UPL Share (4.10%), Hindustan Petroleum Share (3.60%), Coforge Share (3%) included in midcap were trading with decline.
PM Modi connection to this fear!
If we talk about the reasons behind the continuous huge decline in the stock market, then the biggest fear can be considered to be the appeal made by PM Modi on Sunday, in which he asked the people of the country to stay safe for one year. Sleep Told not to buy. Along with this, while mentioning the Middle East war and Hormuz tension, a request was made to save petrol and diesel.
While addressing a public meeting, PM Narendra Modi had 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.
This is not the only reason for the stock market crash, but due to the tension between America and Iran, tension remains on the Strait of Hormuz. Its effect is visible in the prices of crude oil in the international market. Brent Crude Oil Price remains above $105 per barrel and the risk of inflation has put pressure on the stock market.
(Note- Before making any kind of investment in the stock market, definitely take advice from your market experts.)
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Source: www.aajtak.in
