With the rise in commodity prices, there was a sharp fall in the market today due to the fear of rising inflation and stagnation of growth. Crude oil prices have reached a 13-year high. Due to which the market faltered badly today. Apart from this, the rupee also reached its all-time low of Rs 77 against the US dollar today. Today, the market saw a decline for the fifth consecutive day. Today was Black Monday for the market. Nifty hits new 7-month low. In today’s business banking, financial, auto, FMCG and index heavy weight Reliance have seen a huge decline.
At the end of trading, the Sensex closed at 52,842.75, down 1491.06 points, or 2.74 per cent. On the other hand, Nifty closed at 15,863.15, down 382.20 points or 2.35 percent.
Investors lost Rs 5.68 lakh crore in today’s fall in a single day and the market cap of BSE came down from Rs 246.8 lakh crore last Friday to Rs 241.1 lakh crore. If we look at the decline from the beginning of February till now, then till now there has been a loss of Rs 29 lakh crore in the market. During this, the market has broken about 15 percent from its high of October 2021.
Know how the market may behave on Tuesday
Pankaj Pandey of ICICIdirect It says that with the worsening situation between Russia and Ukraine, both global and Indian markets are witnessing a sharp decline. If crude oil prices remain high, it will increase India’s current account deficit. Along with this, the country’s fiscal deficit will also increase as India imports 80 percent of its oil requirement.
Sometimes doing nothing in the market is the best strategy – Mihir Vora of Max Life
Talking about the equity market outlook, he said that the volatility in the market will remain in the near term. But the recent fall in the market is a good opportunity to buy from the investment point of view in good stocks. Metal, IT, Pharma can show strength in the near term. In the same medium term, stocks associated with capital goods and PLI scheme can be seen to outperform.
Ajit Mishra of Religare Broking It says that the markets are looking under pressure amid the rise in crude oil and the possibility of further sanctions on Russia. As tensions between Russia and Ukraine show no signs of abating. In such a situation, there will be huge fluctuations in the market. Market participants would be advised to keep an eye on the global market signals. Talking about the domestic market, the market will keep an eye on the exit polls of the state elections and the election results coming on March 10.
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