As it is another day, Talal continues to take control of the street and continues to lose selling pressure on weak global notes and financial stocks. With the exception of FMCG and IT, most major sector indices today are traded with finance, metals, and realty.
Moreover, another reason for the fall in the market is the increasing number of Govt cases in the US and UK due to delta variability, inflation concerns, and concerns about growth below consensus expectations.
The market continued to lose ground for the third consecutive session, with the BSE Sensex down 355 points, or 0.68%, to 52,199. The Nifty 50 Index was down 120 points, or 0.76%, at 15,632, offsetting some previous losses.
Midcap and smallcap stocks also saw higher selling pressure as a weak global trend led investors to book profits.
On the revenue front, the strong June quarter performance announced by the ACC focused on the rest of the cement pack today, while helping to sharpen strong earnings stocks from Asian Paints during trading hours.
According to data compiled by Johns Hopkins University, the global number of people infected with the coronavirus rose to more than 190.9 million on Tuesday, while the death toll rose to more than 4.09 million.
Below is the reason for the market crash:
Asian markets fall prey to viral variation concerns
Asian markets fell on Tuesday on growing concerns that the fast-spreading variant of the coronavirus could boost global economic recovery. Japan’s benchmark Nikkei 225 lost 0.9%, South Korea’s Cosby 0.6%, Australia’s S / P / ASX 200 0.5%, and Hong Kong’s Hong Kong lost 1.1% to 27,189.43, while the Shanghai Composite fell 0.2% to 3,531.54.
The Nifty FMCG index topped the green with HUL, Marico, and Nestle. Nifty Realty and the media each fell 2.5% as the worst sector index.
As the rise in coronavirus cases around the world threatens the outlook for a global economic recovery, metal stocks are seeing broader selling pressure following a month-long drop in Shanghai copper prices. In the Nifty Metal Index, all stocks except APL Apollo were in the red.
Also, telecom stocks declined in Tuesday’s trading session, with the Supreme Court setting aside its order in the adjusted gross revenue (AGR) case.
The Nifty Bank index is over 35,000 and has risen nearly 650 points to date. All the stocks listed in the index were in the red.
Financial stocks lost 2%, Nifty Pharma 1.30%, and Nifty Auto lost nearly 1%.
The best and worst Sensex artists today
Asian Paints (+ 5.59%), Ultratech Cement (+ 1.82%), Bajaj Auto (+ 0.95%), Sindh Ind Bank (-3.40%), Tata Steel (-2.65%), Airtel (-2.3%) and others lost ground. NTPC (-2.39%).
India VIX is getting cold
India VIX continued to gain 4.14% at 13.14.
Wide market in the red area
Broad markets fell in red on Tuesday, with the Nifty Midcap 50 down 1.67% and the Nifty Small Cap 50 down 14.35%.
The rupee ends higher
The Indian rupee ended the day high. It was down 74.95 against the US dollar, ending at 74.87 against the US dollar.