Market decline.
The morning of December 16 did not bring good news for the Indian stock market. On Tuesday, the second trading day of the week, a blanket of laziness was seen on Dalal Street. When the Indian market opened amid mixed global signals, lines of worry appeared on the foreheads of investors after seeing the depth of the red mark. There was such selling pressure in the early trade itself that Nifty could not even save the psychological level of 26,000 and slipped below that.
The beginning of the business was very weak. BSE Sensex (Sensex) fell by 325.76 points in the initial minutes and fell by 0.38 percent to the level of 84,887.60. On the other hand, NSE Nifty also could not recover and was seen trading at 25,928.30 with a fall of 99 points.
If we look deeply at the movement of the market, the scope of the decline was quite large. During the trading session, a decline was recorded in about 1226 shares, while only 896 shares were able to find their place in the green. There was no change in the prices of 166 shares. If we talk sector wise, all the major indices of Nifty were trading in the red mark, which is a sign of all-round weakness in the market.
In this selling environment, big stocks also got involved. Heavy pressure was seen on big names like Axis Bank, Shriram Finance, Hindalco, Titan Company and Max Healthcare. However, even in this falling market, some stocks like Apollo Hospitals and SBI showed strength and remained included in the list of gainers.
Shocking news came not only from the stock market but also from the currency market for the common man and importers. On Tuesday, the Indian Rupee opened at the lowest level in its history (All Time Low) against the US Dollar. As soon as the market opened, the rupee came to 90.81 per dollar, whereas in the previous session it had closed at 90.75. This weakness of the rupee is a matter of concern for the economy, because it makes imports expensive. In early trade, the rupee showed a range of 90.7500 to 90.8690.
The strings of this decline of the Indian market are also connected to foreign markets. In fact, a period of heavy selling was seen in the Asian markets today, which affected the domestic sentiment. Gift Nifty was already indicating weakness with a fall of 86 points. Japan's Nikkei index was trading with a huge fall of 738 points, which shows the nervousness in the market there. A huge decline of more than 2 percent was recorded in Hong Kong's Hang Seng and Korean market Kospi. There was selling of more than 477 points in Taiwan market also. There was slackness even in Singapore's straight time.
