2 weeks ago

Sensex Sinks 493 Points, Nifty Ends Below 24,200

Sensex Sinks 493 Points, Nifty Ends Below 24,200
Sensex Sinks 493 Points, Nifty Ends Below 24,200 As Crude Tops $91 · freepressjournal.in

A stock market is a place where people buy and sell small pieces of companies, called shares.

On Tuesday, India's big stock markets went down again.

In fact, one of the main market measures, the Nifty, lost value for the sixth day in a row.

The main reason is that oil has become very expensive, costing about 91 dollars for one barrel.

India buys most of its oil from other countries, so expensive oil can make everyday prices go up.

There is also worry because the United States and Iran are having a disagreement, and the peace break between them ended.

When people get worried, many of them sell their shares, which makes prices fall even more.

Computer software companies were hurt the most, while some banks did a little better.

Many people watch these markets because what happens there can affect jobs, prices, and the economy.

Experts say prices could fall a bit more, but India's economy is still thought to be strong underneath.

Key facts

Sensex close
77,235.46 (down 492.70 points / 0.63%)
Nifty 50 close
24,154.90 (down 132.75 points / 0.55%)
Nifty losing streak
6 consecutive sessions
Brent crude
USD 91.02 per barrel, up 0.17%
Worst sectoral index
Nifty IT, down 1.93%
FII net selling (Monday)
₹2,535.10 crore
BSE advance-decline
Nearly 2,400 of 4,500 stocks ended lower
Key Nifty support zone
24,030-24,000 (per SBI Securities)

Quotes

Sudeep Shah

Head of technical and derivatives research, SBI Securities

“Elevated U.S. yields further reduced the attractiveness of emerging markets, and IT stocks led losses amid fears that persistently high interest rates could dampen global technology spending. Although domestic fundamentals continue to be supportive, sustained high crude prices and rising input costs could pressure recent earnings upgrades, prompting investors to remain cautious in the near term.”
livemint.com
“Crude oil remained the primary drag on market sentiment, while rising U.S. bond yields and weak global cues prolonged the risk‑off trend in Indian equities. Investor anxiety increased as hopes for a Middle East resolution faded following the expiration of the temporary U.S.-Iran ceasefire, heightening concerns about renewed inflation.”
livemint.com

Sources

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