The domestic stock market was negatively affected due to the continuation of the sell-off at the global level and other reasons. There was a fall in the shares of private banks. However, there was a boom in the IT sector.
Indian stock market crash
Selling in global markets also affected the Indian stock market. The Sensex fell 486 points on Thursday. The 30-share BSE index ended 485.82 points or 0.92 per cent lower at 52,568.94, while the broader NSE Nifty fell 151.75 points or 0.96 per cent to end at 15,727.90. In the last trading days, the index had crossed 53000, but due to its decline again, the shares of well-known companies have fallen. Tata Steel, ICICI Bank, HDFC Bank and Reliance Industries have suffered more losses.
In the Sensex pack, Tata Steel was the biggest loser of more than 2 percent. After this, the shares of Sun Pharma, ICICI Bank, SBI, Kotak Bank and Dr Reddy’s also declined. Binod Modi, Head-Strategy, Reliance Securities, said, “The domestic stocks saw a sharp decline amid weak global cues. On the other hand, on the other hand, Tech Mahindra, Bajaj Auto, PowerGrid and NTPC saw gains.
boom in IT sector
Selling pressure was seen across the counters in the Indian markets, while IT stocks saw a huge jump. The earnings of TCS in particular have been very good. Metals and financials have seen a sharp correction, with midcap and smallcap indices continuing to outperform broader indices despite moderate profit-booking.
Global decline continues
Shares in Shanghai, Seoul and Tokyo also closed with significant losses. Stock exchanges of Europe were also trading in the red mark in mid-session deals. Meanwhile, international oil benchmark Brent crude fell 0.93 per cent to $72.75 per barrel.
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