Domestic stock markets trade lower, impacted by continued selling pressure
Indian Stock Markets Experience Downturn
On Thursday, Indian stock markets saw a decline due to ongoing selling pressure. The Nifty index closed at 23,349.90, dropping by 168.60 points, while the BSE Sensex ended at 77,155.79, down by 422.59 points.
Impact of Adani Allegations
The shares of the Adani Group were under pressure following allegations by the US Department of Justice and the US Securities and Exchange Commission against directors of Adani Green. Despite the Adani Group denying these allegations, shares of Adani Enterprises and Adani Ports were among the biggest losers.
Market Gainers and Losers
On the National Stock Exchange, Powergrid, UltraTech Cement, Hindalco, Apollo Hospitals, and Grasim Industries were the major gainers. However, shares of SBI Life Insurance, State Bank of India, and NTPC also saw declines.
Sectoral Performance
Most sectoral indices traded in red, except for IT, private banks, and realty. Praveen Dwarakanath, Vice President of Hedged.in, noted that the Nifty broke its immediate support level, indicating continued weakness.
Global Influences
Experts like Ajay Bagga and V K Vijayakumar highlighted that global factors, such as the Ukraine-Russia tensions and Nvidia's results, are affecting the markets. Vijayakumar mentioned that while the US market has downplayed these tensions, uncertainty remains high.
Future Outlook
Indian markets are expected to remain soft in the near term, with potential changes anticipated after the state election results are announced on Saturday.
Doubts Revealed
Adani Allegations
Allegations are claims or accusations that someone has done something wrong. In this case, US authorities have accused directors of Adani Green, a company in the Adani Group, of some wrongdoing.
Adani Group
Adani Group is a large Indian company that operates in various sectors like energy, resources, logistics, and more. It is one of the biggest companies in India.
Nifty
Nifty is a stock market index in India that represents the performance of 50 major companies listed on the National Stock Exchange (NSE). It helps investors understand how the stock market is doing.
BSE Sensex
BSE Sensex is another stock market index in India, representing 30 well-established companies listed on the Bombay Stock Exchange (BSE). It is used to gauge the overall health of the Indian stock market.
Global Tensions
Global tensions refer to conflicts or disagreements between countries that can affect economies worldwide. For example, the Ukraine-Russia conflict is a global tension impacting markets.
Powergrid
Powergrid is a company in India that manages the transmission of electricity across the country. It is one of the companies whose shares gained value despite the market fall.
UltraTech Cement
UltraTech Cement is an Indian company that produces cement and building materials. It was one of the companies that saw its share prices increase even when the market was down.
State Election Results
State election results refer to the outcomes of elections held in different states of India. These results can influence the stock market as they may affect government policies and economic decisions.
Your email address will not be published. Required fields are marked *