Jobaaj Stories
19th April started off well, Nifty opened at 17,269 and the trades were progressing well. The index was trading stably between 17200-and 17300 until 2:45 when the Nifty was around 17,223.
After 2:45, a strange selling pressure hit the markets as the Nifty tumbled down 1.79% in a span of 45 mins. Sensex was the same as it opened at 57,440 only to close below 57,000, down 1.7%, at 3:30.
Foreign investors offloaded shares worth Rs 5,871.7 crores yesterday as they withdrew their positions from blue-chip Indian companies since their March performance was not up to the mark. Moreover, rising inflation, increasing attack on Ukraine, rising covid cases, and unstable geopolitical conditions sapped investors' confidence.
India globally pitches on cryptocurrency regulations, Read more
HDFC, HDFC Bank, and Infosys were the biggest losers yesterday. HDFC Bank closed down at Rs 1342.20 per share, a figure it hadn't touched for over a month, down 19.5% in 2 weeks. HDFC closed down at Rs 2140.20, a figure it hadn't touched for over a month, down 20% in 2 weeks. Infosys fell 3.6% yesterday and fell around 17% in 3 weeks. Reliance Industries, SBI, Bajaj Finance, and ICICI Bank were the only major stocks to log in gains.
However, it wasn't just Indian indices that fell. STOXX Europe 600 was down 1.1%, Shanghai and Hong Kong settled lower while Tokyo and Seoul managed to go up. Oil benchmark crude fell 1.39% and the rupee plunged 22 paise.
Today the market opened well, Nifty managed to open above 17,000 while Sensex managed to go above 57,000 within an hour of opening. Both indices managed to recover the decline and are up 1%. Infosys, HDFC, and HDFC Bank managed to open marginally better and are currently in the green.
Article by Aman Agarwal.
This news piece is brought to you in association with jobaaj.com
