Nifty ends below 17K – Reason for market fall today

 

 

Nifty ends below 17K while Sensex declined by 889 points today, read the reason for the market fall today.

 

Indian stock market indexes opened marginally higher on Friday amid weak global cues. Nifty today opened at 17276 levels, up by 27.6 points while Sensex made a positive start at 58021.63 levels up by 120.49 points. Indian market erased all their early gains immediately after opening and traded in negative bias throughout the day.

 

Stock Market News- Reason for market fall today

 

Indian market sentiments got hit due to continuous FIIs outflow. The heavy selling pressure witnessed in Realty, Auto, Banking, and Financial counters weighed on the market sentiments. Some concerns also came with a private report stating that India’s growth recovery has been led by capital expenditure push by the government so far, but fiscal constraints might prove to be a challenge going forward in terms of driving investments.

However, investors overlooked a private report stating that advance tax collections in the third quarter of the fiscal year almost doubled from the year-earlier period, underscoring hopes of a sustained economic recovery amid the threat from the Omicron Covid-19 variant. Meanwhile, all eyes will be on pre-budget consultations with FM and stakeholders of various sectors in two sessions in the national capital in connection with the forthcoming budget 2022-23 on Friday.

On a global front, Asian markets mostly closed in the red on Friday as investors were worried about Omicron, more aggressive monetary tightening by central banks, and geopolitical tensions following the US sanctions on China over human rights issues. European market indexes are trading mostly lower as investors digested the central bank’s policy tightening decisions and the rapidly spreading Omicron coronavirus variant.

 

Stock Market at the Close

At the close, Nifty fell by 263.20 points or 1.53 percent and closed at 16985.20 levels while Sensex declined by 889.40 points or 1.54 percent and finished at 57011.74 levels. The Bank Nifty index closed lower today, it was down by 930 points or 2.54 percent on spot levels and ended at 35618.65  levels.

The broader markets also closed lower today, following their larger peers. The Nifty midcap index was down by 737.45 points or 2.40 percent and closed at 29939.30 levels. The Nifty smallcap index declined by 276.15 points or 2.48 percent and finished at 10849.55 levels.

 

Nifty Top Gainers and Losers

 

The top gainers in the Nifty 50 index were Wipro, Infy, HCL Tech, Power Grid, and Sun Pharma. Whereas the top losers were IndusInd Bank, Tata Motors, ONGC, Kotak Bank, and HUL

The Nifty midcap top gainers were Emami, Mphasis, and Ajanta Pharma and the losers were Indiabulls Housing, BHEL, Zee Entertainment. 

The top gainers in the Nifty smallcap index were Bajaj Electric, Blue Star, Graphite India, and the losers were TV18 Broadcast, Strides Pharma, and Can Fin Homes.

The most active stocks in the Nifty index in terms of value were Wipro, Infy, and Reliance. The most active stocks in terms of volume were Wipro, ITC, and Tata Motors. 

On a sectoral front, barring IT & Software all other sectors closed in the red. The sectors that dragged the markets most were Realty, Media, PSU Bank, Auto, and Financial Services.

 

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Happy Investing!!

Editorial desk