Due to the weak trend in the global market, the Indian stock market and rupee saw a sharp fall on Tuesday. During the day’s trading, the Sensex fell nearly 900 points to 59,178 points. On the other hand, Nifty was trading down 1.2% at 17,625 points. Heavy selling was witnessed in IT and banking stocks.
During this, the Indian rupee also weakened against the dollar to 74.07, which is its one-month low. On Monday, the rupee had closed at 73.83 against the dollar.
“The rise in US 10-year bond yields is not good news for emerging markets like India, especially if the trend continues. Besides, international oil benchmark Brent, said a stock market analyst. Crude also rose nearly 1% to $80 on Tuesday, which will have a negative impact on the Indian scenario.
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“IT stocks have given returns of around 82% this year. Hence, this segment is witnessing profit booking,” he said. Apart from this, investors are also closely monitoring developments related to Chinese real estate company Evergrand. Investors fear that the energy crisis in China could affect its growth, which could have an impact on stock markets around the world. Goldman Sachs recently reduced the growth forecast for China, the world’s second largest economy.
However, some stock market experts are also seeing the fall in the Indian stock market as a good sign. An expert said that the Indian stock market has seen a lot of momentum in the recent past as compared to other emerging markets. In such a situation, it becomes necessary to have some profit booking in them. Festive season is about to start. Thus, volatility will remain in the market. During morning trade, Nifty Volatility Index was trading with a gain of 2.7% today.
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Bharti Airtel was the biggest loser in the Sensex during the day’s trading, down about 4.46 percent. It was followed by Bajaj Finance, ICICI Bank, HCL Tech, Infosys and HDFC. In other stock markets of Asia, the stock markets of Tokyo and Seoul were also running in losses.
Around 2.30 pm, the Sensex was trading at 59,146.12, down 931.76 points or 1.55 per cent. Similarly, the Nifty fell by 248.15 points, or 1.39%, to 17,606.95.
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