Due to pressure in the global market and the Indian stock market for the last two days, the Sensex fell by more than 950 points on Friday, while the Nifty has come below 25000 points. At 11.15 in the afternoon, the Sensex was trading at 81,305, down by 900 points, while the Nifty was down by 264 points at 24,880.35. Out of the top 30 stocks of BSE, only 4 stocks were trading in the green zone. At the same time, 26 stocks were in the red mark. SBI shares saw the biggest decline of 3.37 percent and it was trading at Rs 790.
After SBI, shares of NTPC, Adani Port, Reliance Industries, ITC and HCL have fallen by about 3 percent. Due to the big fall in heavyweight stocks, there is a lot of pressure in the stock market. Out of 2,564 stocks of NSE, 1,779 stocks are trading in decline, while 722 stocks are in green. Apart from this, 55 stocks have a lower circuit. At the same time, 17 stocks are trading at the lowest level of 52 weeks.
There was a big decline in these sectors
Talking about the biggest decline, the PSU sector is down by about 3 percent due to a big decline in SBI. After this, there is a pressure of about 2 percent in the oil and gas sector due to the decline in Reliance Industries. After this, there is more pressure in the realty, media, bank and auto sectors.
These 10 stocks fell the most
Vodafone Idea has seen the maximum decline of 10%. After this, Indus Tower has fallen by 4%. GMR Airport has fallen by 4%, Canara Bank by 3.65%, SBI by 3.57%, Bosch shares by 3.17%, Amber Enterprises by 4.25%, Shyam Metallics shares by about 3%, IOCL by 3.19% and DLF shares by 3.12%.
Why is the market falling?
VK Vijaykumar, Chief Investment Strategist, Jio Financial Services, said that the market movement will depend on the data presented in the US tonight. However, even before this, a big decline is being seen in the market.
Experts say that there is a consensus that the Fed will cut rates in the September meeting, but the extent of the cut will be decided by the jobs data. If unemployment remains higher than expected, the Fed will cut rates, but the market will not take it positively.
Reliance Industries’ stock has fallen after the bonus share. Goldman Sachs has recommended selling the stock of State Bank of India, due to which a big fall is being seen in it today. Due to the fall in some other heavyweight shares, the Indian stock market is under pressure.
While Friday’s data showed jobs added by 160,000 in August, better than the 114,000 rise in July, a Reuters poll of analysts showed the unemployment rate fell marginally to 4.2 percent.
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Source (PTI) (NDTV) (HINDUSTANTIMES)