look news india
Stock Market Closing: Sensex and Nifty 50 closed with losses for the third consecutive day. Sensex closed 456.10 points down and Nifty 124.60 points down. Heavy selling was seen in IT stocks including Infosys, Tech Mahindra, Wipro, HCL Tech and TCS amid global challenges.
market breadth positive
Out of total 3933 shares traded on BSE, 2251 shares closed with gains and 1567 shares closed with decline. A total of 170 stocks hit 52-week high and 17 stocks hit year's lowest. Out of 30 Sensex stocks, 7 closed in the green zone and 23 in the red zone. Which indicates a cautious trend with the overall market expansion being positive.
Main reasons for the decline in the stock market
Iran–Israel War: “Tensions in the Middle East due to geopolitical crisis are the main reason for the selloff in the Indian equity market. Global markets also declined.”
US dollar at six-month high: “The US dollar continued to rise and the US dollar index hit a six-month high near the 106 level. US Treasury yields have risen. Due to which selling by foreign investors has increased. Foreign investors are withdrawing money in large numbers and booking profits.
Rise in crude oil prices: “Crude oil prices hit six-month high in domestic and international markets. Fuel prices increased by 6 percent in March 2024, which is higher than in April 2024. The rise in crude oil prices is a good sign for the global economy. No.” signal as this is expected to put pressure on the local currency and inflation.
US retail sales figures disappointing: US retail sales figures were lower than expected. Inflation is sure to rise due to strong US consumer spending. Due to which the possibility of US Fed rate cut reduces. As a result, equity investors are moving from equities to these assets.
