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Stock Market Today: The stock market fell for the fifth consecutive day. Sensex and Nifty rose due to negative factors at the global level after negative announcements in the budget at the domestic level. Sensex fell by 671 points while Nifty also lost the support level of 24300.
Today the Sensex fell 671.05 points and opened at 79477.83. At 10.47 am it was trading 391.51 points down at 79757.15. At 10.47 am the Nifty was trading 100.25 points down at 24313.25. Investors' capital decreased by 1 lakh crore.
Market Breadth Caution
At the time of writing the news, out of 3738 stocks trading on BSE, 1823 stocks were trading in favor of improvement and 1774 stocks were trading in favor of decline. 183 stocks have reached the highest level of the year and 11 stocks have reached the lowest level of the year. Upper circuit was seen in 263 stocks and lower circuit was seen in 150 stocks. In Asian markets, Nikkei was down by 1170.22 points (2.98%), Kospi by 1.40%, Hang Seng by 1.65% and Shanghai by 0.63%. In European markets, FTSE fell by 13.68 points. Yesterday, Dow Jones closed down by 504.22 points, Nasdaq by 3.64% and S&P 500 by 128.61 points.
Banking-metal shares fell
Due to no special announcement in the budget, banking and metal stocks declined today and profit booking started with continuous rise. On BSE, except Kotak Bank and HDFC Bank, most bank stocks declined. Axis Bank was trading with the highest gain of 6.62 percent, ICICI Bank 2.47 percent, Yes Bank 1.20 percent and SBI 1.05 percent. Investors were also seen taking profit in metal stocks.
Reasons for the fall in the market
The Nasdaq fell more than 3.64 percent for the first time in 2024 as US markets witnessed heavy selling pressure on Wednesday. As a result, almost all Asian stock markets have seen a decline. Globally, stocks also witnessed negative news along with poorer than expected results in the technology and IT segment. On the other hand, in India too, the proposed increase in capital gains tax in the budget has seen a negative impact.