Stock market : Due to new cases of rising corona in the country, the stock market is going to decline on Monday. The Sensex is trading at 48,841.69 with a steep fall of 1188 points. The index also touched the day’s lowest level of 48,580.80 during trading.
27 out of 30 stocks included in the Sensex declined, with Bajaj Finance, SBI and IndusInd Bank falling the most at 6%. Earlier on March 26, the Sensex had come down from 49 thousand.
Among the largest selling banking stocks.
The Nifty is also trading down 322 points at 14,544.70. Investors are the biggest sellers in banking stocks. The Nifty Bank Index is down 1220 points ie 3.6% to 32,637.15. Similarly, the auto index has come down by 2.8%, while the IT index is trading at 26,248, up 268 points ie 1%.
What are the advice of market analysts amid heavy downfall?
According to Motilal Oswal Financial Services Technical and Derivatives Research Head Chandan Tapadia, the market is nervous due to rising cases of corona epidemic and increasing restrictions in the states. That is why there is a huge sell-off between the ups and downs. Investors are advised to buy quality shares of the metal, IT and pharma sectors amid declines. These are better sectors than others.
According to Avinash Gorakshakar, head of research, Profitmart Securities, the growing cases of corona in the country may continue to decline in the market. Because it is causing problems for economic activities. On the other hand, foreign investors have also reduced investment.
There will be growth in the export sector including IT, pharma, specialty chemicals. Apart from this, there may be positive growth in the shares of online companies, which would include buying advice in other stocks including IndiaMart. Covid does not have much effect on these sectors. Talking about the Nifty, if the index falls below the 14400 level, then it can fall to the level of 14 thousand.
1,983 shares trading at a downtrend, market cap reduced by Rs 4 lakh crore
The BSE is traded in 2,930 shares. 758 shares are trading with increase and 1,983 shares are declining. It has a lower circuit in 299 shares. The total market cap of the companies listed on the exchange has gone up to Rs 203.69 lakh crore from Rs 207.25 lakh crore as on 1 April.
Manufacturing PMI hit 7-month low
According to IHS market data, PMI declined to 55.4 in March from 57.5 in February. Factory production in March has come down to the lowest level in 7 months. Factory production has also been hit due to the lockdown in place in many states amid the second wave of Corona in the country.
New cases of corona are increasing continuously
A record 1 lakh 3 thousand 794 new infections were found in the country on Sunday. This is the largest figure of a day. Earlier, on September 16, 97,860 new patients were found. In the last 24 hours, 52,840 patients recovered and 477 died.
Banking shares will be in focus
The Supreme Court has said that interest cannot be charged on any loan availing moratorium facility. Sources say that with this decision of the Supreme Court, the burden on public sector banks (PSBs) will be Rs 1800 to 2000 crores.
Shopping in Japan market, stock market of Australia and China will remain closed
Japan’s Nikkei index is trading up 267 points at 30,121.
Korea’s Kospi index has a slight drop of 4 points, the index is trading at 3,109.
Australian stock markets will remain closed on Monday due to Easter.
Stock markets of China and Hong Kong are closed due to Tomb Sweeping Day.
S&P 500 Index Reaches Record Level in US Markets
The S&P 500 index closed at 4019 points for the first time beyond 4 thousand on Thursday due to buying in technology stocks. Tech stocks include Amazon, Alphabet and Microsoft. Similarly, the Dow Jones index closed at 33,153 with a gain of 171 points. The Nasdaq index was up 233 points to close at 13,480 points. Earlier, the European market saw flat business, including the stock markets of France, Britain and Germany. The market was close on Friday due to Good Friday.
New fiscal year starts with an increase
The stock market closed on 1 April. The BSE Sensex climbed 520 points to 50,029.83 and the Nifty also closed 176 points up at 14,867.35. According to NSE provisional data, foreign institutional investors (FIIs) bought shares worth Rs 149.41 crore, while domestic institutional investors (DIIs) had sold shares worth Rs 296.84 crore.
Stock market update
10:29 AM Nifty stocks falling most; IndusInd Bank, Bajaj Finance and SBI are down more than 5-5%.
10:14 AM Sensex is down 1,091 points at 48,938.51 and Nifty is down 298 points at 14,568.55.
09:41 AM Nifty IT index is trading at 26,341 with a gain of 361 points i.e. 1.4%. Shares of Koforge and Infosys included in the index are up more than 2-2%.
09:39 AM The BSE Bank Index has fallen by 830 points, or 2.17%, to 37,408 points. All banking stocks included in the index are in decline. IndusInd Bank shares are down by 3.4%.
09:26 AM BSE Sensex is trading down 391 points at 49,638.
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