Banking shares declined
Wednesday: On Wednesday, the third day of the week, the beginning of trading in the local stock market was very weak. As soon as trading started, both Sensex and Nifty fell heavily. Sensex started trading with a fall of more than 550 points, while Nifty fell below 20,000 points at the opening.
At 9:20 am, the Sensex was trading near 67,090 points, down by more than 508 points. Nifty fell by more than 147 points and closed at 19,985 points.
Even before the market opened, clear signs of pressure were visible. Nifty futures fell 11 points in the morning. There were signs of a huge decline in the domestic markets in the pre-open session. During the pre-open session, the Sensex fell by more than 765 points and went below 66,850 points. At the same time, Nifty fell below 20 thousand points with a fall of more than 150 points. Local markets may remain in loss for the second consecutive day today.
There was a break in the momentum on Monday
Earlier on Monday, the 11-day long rise in the local market came to a halt. On the first day of the week, the Sensex closed at 67,596.84 points with a fall of 241.79 points or 0.36 percent. Whereas Nifty was down 59.05 points or 0.29 percent at 20,133.30 points. Local markets remained closed on Tuesday and no business took place on the occasion of Ganesh Chaturthi.
Market now near record high
At present, pressure from global factors is being seen on the local stock market. Apart from this, selling pressure is also high in the market. Last week Sensex and Nifty made new records. During the week the Sensex came very close to 68 thousand points and also created a new all-time high. At the same time, Nifty managed to touch 20,200 points for the first time in history.
decline in global markets
The eyes of investors around the world are fixed on the important meeting of the Federal Reserve going on in America. The Dow Jones Industrial Average fell 0.31 percent before the results of the meeting were announced. While Nasdaq Composite Index was down 0.23 percent and S&P 500 Index was down 0.22 percent.
Rupee at record low
Asian markets are also trading in losses. Japan’s Nikkei fell 0.36 percent, while Hong Kong’s Hang Seng fell 0.59 percent. The dollar remains strong ahead of the Federal Reserve meeting results. Due to this, the Indian currency rupee made a new record of decline on Monday. On Monday, the rupee reached an all-time low of 83.32 against the dollar.
Major stake in initial business
Banking shares are seen falling in early trade. HDFC Bank shares were the biggest loser on the Sensex, falling around 2.50 per cent in early trade. Shares like Bharti Airtel, Tata Steel, Mahindra & Mahindra also fell by more than 1 percent. In early trading, only 10 out of 30 Sensex stocks were in the green zone with slight gains.
