Share Market: Selling dominates the market; Sensex slips 1100 points after losing early gains, Nifty below 24000
New Delhi| The domestic stock market opened with a positive trend on the last trading day of the week. Sensex rose 329.23 points to 80,130.66 in early trade, while Nifty rose 118.75 points to 24,365.45. However, gradually the market lost its lead and reached the red mark. BSE Sensex fell 1,153.26 (1.44%) to 78,648.17 at 11:49 pm. On the other hand, NSE Nifty broke 375.86 (1.55%) points to reach the level of 23,870.85.
Huge fall in the stock market due to Axis Bank
Equity benchmark indices Sensex and Nifty surged in early trade on Friday amid continued inflow of foreign funds and a rise in global markets. However, both could mostly not handle the lead. Later, due to Axis Bank, a huge decline was recorded in it. Among Sensex companies, Axis Bank fell 3.50 per cent as the country’s third-largest private sector lender posted a marginal decline in the March quarter to post a profit of Rs 7,117 crore from Rs 7,130 crore in the same quarter a year ago.
The market was open on the green mark
Earlier, the 30-share BSE benchmark index rose 329.23 points to 80,130.66 in early trade. NSE Nifty had climbed 118.75 points to reach 24,365.45 points. However, both the benchmark indices later lost early gains and started trading with a decline. At one time the BSE benchmark was trading around 800 while the Nifty was trading down 220 points.
Who benefits and who suffers?
Adani Ports, Bajaj Finance, Bajaj Finserv, Tata Motors, Tech Mahindra and Eternal were also seen falling. However, Tata Consultancy Services, Infosys, Reliance Industries, HCL Tech, HDFC Bank and ICICI Bank were the biggest gainers. Foreign institutional investors (FIIs) bought shares worth Rs 8,250.53 crore on Thursday, according to exchange data.
Condition of Asian and American markets
In Asian markets, South Korea’s Kospi Index, Tokyo’s Nikkei 225, Shanghai SSE Composite and Hong Kong’s Hang Seng were trading with positive sentiment. American markets closed with great momentum on Thursday. The Nasdaq Composite gained 2.74 percent, the S&P 500 gained 2.03 percent, and the Dow Jones Industrial Average gained 1.23%.
